The Central Bank of Nigeria (CBN) has dismissed reports claiming it has extended the recapitalisation deadline for Bureau De Change (BDC) operators to December 31, 2025. In an official statement on Wednesday, the bank’s acting Director of Corporate Communications clarified that the original deadline of June 3, 2025, remains unchanged.
Describing the circulating reports as “false” and “misleading,” the CBN urged the public and stakeholders to rely solely on information published through its official channels. The clarification follows growing speculation surrounding the recapitalisation framework introduced in February 2024.
Under the new regulatory structure, Tier-1 BDCs are required to meet a capital base of N2 billion, while Tier-2 operators must raise N500 million. The reforms are part of broader efforts by the CBN to strengthen transparency and stability in Nigeria’s foreign exchange market.
Despite the bank’s assurances, the policy has sparked concern across the BDC sector. The Association of Bureau De Change Operators of Nigeria (ABCON) recently warned that about three million Nigerians could lose their livelihoods if operators fail to meet the new capital requirements. According to the association’s president, fewer than 10 percent of BDCs have currently met the required threshold.
The CBN, however, remains committed to enforcing the new framework and says it is engaging with stakeholders to ensure full compliance. The bank maintains that the reforms are critical to sanitising the sector and boosting investor confidence in Nigeria’s currency markets.
