CBN Denies Extension of Recapitalisation Deadline for BDC Operators

By Iyojo Ameh

The Central Bank of Nigeria (CBN) has debunked reports suggesting it has extended the deadline for Bureau De Change (BDC) operators to meet new recapitalisation requirements to December 31, 2025.

In a statement issued on Wednesday, the apex bank’s spokesperson, Hakama Sidi Ali, categorically described the report as “false and misleading,” urging the public to disregard it.

According to the statement, the CBN has not granted any extension beyond the previously stated deadline of June 3, 2025, for compliance with the revised capital requirements.

Ms. Sidi Ali advised journalists, media outlets, and stakeholders to verify any information relating to the CBN through official channels, including the Bank’s website and authorised communication platforms, before publication or dissemination.

> “The 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,” she stated.

As part of its revised regulatory framework announced in February 2024, the CBN introduced new minimum capital requirements for BDC operators. Tier-1 operators are now required to have a minimum capital base of N2 billion, while Tier-2 operators must hold at least N500 million.

In May 2024, the apex bank released new operational guidelines for BDCs, with effect from June 3, 2024. The guidelines mandated all existing BDCs to reapply for new licenses under the updated framework. Tier-1 applicants are to pay a non-refundable license fee of N5 million, while Tier-2 applicants are to pay N2 million.

Both categories were given six months to meet the minimum capital requirements for their respective license tiers.

While the CBN had earlier provided a six-month window — ending June 3, 2025 — for operators to comply with the new capital thresholds, the Bank insists there has been no further extension beyond that date.