CBN denies extension of BDC operators recapitalisation deadline

The Central Bank of Nigeria (CBN) has officially debunked media reports suggesting it had extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025, insisting that no such extension has been approved.

In a statement issued on Wednesday in Abuja, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, described the circulating report as “misleading and inaccurate,” urging the public to disregard the claims in their entirety.

“The CBN has not granted any extension beyond the previously communicated deadline of June 3, 2025,” the apex bank’s spokesperson stated firmly.

The clarification comes amid confusion in the foreign exchange market and among BDC operators following speculative news reports of an extension.

Mrs. Sidi Ali stressed the importance of verifying all information related to the CBN’s policies through its official communication channels, including the CBN website and authorised press statements.

“We urge journalists, media platforms, and all stakeholders to fact-check and confirm the authenticity of reports directly from the CBN,” she said.

She further reiterated the bank’s commitment to ensuring transparency, stability, and regulatory compliance in the foreign exchange market.

READ ALSO: CBN extends BDC recapitalization deadline to December 31 as Naira gains ground

The CBN had, in February 2024, announced a revised regulatory and operational framework for BDCs, introducing new minimum capital requirements to strengthen and professionalise the sub-sector. According to the framework: Tier 1 BDCs must have a minimum capital base of ₦2 billion; Tier 2 BDCs are required to maintain ₦500 million in capital; Non-refundable licensing fees were fixed at ₦5 million for Tier 1 and ₦2 million for Tier 2 applicants.

In addition, the CBN directed all existing BDCs to reapply for new licenses under the updated structure. The initial six-month transition period was slated to end in December 2024, but was later extended to June 3, 2025, giving operators additional time to comply.

Since the issuance of the new Operational Guidelines for BDCs in May 2024, operators have been under pressure to meet the stipulated requirements or risk losing their licenses. The latest clarification from the CBN now confirms that June 3 remains the final deadline, with no further grace period contemplated.

Industry stakeholders and operators have expressed mixed reactions to the recapitalisation policy, with some welcoming the move as a step toward sanitising the FX market, while others cite concerns about the feasibility of meeting the capital thresholds within the timeline.

With the CBN now reiterating its stance, BDC operators will need to ensure full compliance or risk regulatory sanctions, including license revocation.

The apex bank has promised to continue engaging stakeholders to ease the transition and ensure that the new framework contributes to a more robust and transparent foreign exchange ecosystem in Nigeria.