CBN says BDC recapitalisation deadline remains June 2025, denies extension reports

The Central Bank of Nigeria (CBN) has denied reports suggesting that it extended the deadline for Bureau De Change (BDC) operators to meet new capitalisation requirements, insisting that the June 3, 2025, deadline remains in force.

In a statement issued Tuesday, the apex bank described recent media reports claiming a new December 31, 2025, deadline as “false and misleading.”

Hakama Sidi Ali, CBN’s acting director of corporate communications, urged the public and media outlets to verify regulatory information directly through official CBN channels.

“The Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025,” Sidi Ali said.

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“The general public, journalists, media platforms, and all stakeholders should consistently verify information directly from official CBN sources, such as the Bank’s website and authorised communication channels.”

The clarification comes as BDC operators continue to adjust to stringent new capital requirements introduced in February 2024 under the CBN’s revised regulatory framework.

The guidelines mandate a minimum capital base of ₦2 billion for Tier-1 BDCs and ₦500 million for Tier-2 firms, part of efforts to restructure and stabilise Nigeria’s volatile foreign exchange market.

The CBN’s stance reinforces its broader push to sanitise the parallel FX market, curb speculative activity, and enhance monetary policy transmission.

The recapitalisation effort is seen as critical to restoring trust in the FX ecosystem following years of regulatory gaps and exchange rate instability.

“CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali added.

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The banking regulator has intensified oversight of BDC operations over the past year, following concerns over speculative activities and illicit financial flows.

The recapitalisation plan is intended to consolidate the sector, reducing the number of loosely regulated players while encouraging operational efficiency and stronger internal controls.

With the June 2025 deadline now reaffirmed, BDCs seeking to continue operations under the new regime must secure additional funding and submit relevant documentation within the stipulated timeframe or risk losing their licenses.

As of press time, CBN has not issued any further updates on how many of the existing operators have met the new capital thresholds or whether phased implementation measures may be introduced.