The Central Bank of Nigeria (CBN) has firmly dismissed circulating reports suggesting that the deadline for Bureau De Change (BDC) operators to meet new recapitalisation requirements has been extended to December 31, 2025. In an official statement issued by the apex bank, the CBN clarified that the regulatory deadline remains unchanged, June 3, 2025.
Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, described the extension claims as “false and misleading,” urging stakeholders and the general public to rely solely on verified communication from the CBN.
The recapitalisation framework, introduced in February 2024, outlines a tiered structure for BDC operators, with Tier-1 BDCs required to raise their minimum capital to ₦2 billion, and Tier-2 BDCs to ₦500 million. The policy forms part of a broader strategy by the CBN to sanitise the foreign exchange market and strengthen institutional compliance.
The clarification comes amid growing industry speculation, with some operators lobbying for a more flexible timeline. The Association of Bureau De Change Operators of Nigeria (ABCON) had earlier raised concerns over potential shutdowns and job losses if the original deadline was maintained.
Despite these concerns, the CBN maintains that the June 2025 timeline is critical for ensuring financial stability and transparency in the FX sector.
The apex bank has reiterated its commitment to reforming the BDC sub-sector, stressing that only institutions meeting the new standards will be allowed to continue operations.
Industry players are now racing to meet the capital benchmarks ahead of the cutoff, as failure to comply could lead to license revocation.
The CBN has encouraged all stakeholders to stay informed through its official channels and disregard unverified reports.
