The Central Bank of Nigeria (CBN) yesterday clarified that the June 3, 2025 deadline for Bureau De Change (BDC) operators to recapitalise remained unchanged.
The apex bank stated this in a statement issued on Wednesday by CBN acting Director, Corporate Communications Department, Mrs. HakamaSidi Ali.
The clarification came against the backdrop of reports that the central bank had approved an extension of the deadline to December 31, 2025.
She described the information as false, misleading, adding that it should be disregarded.
As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements including N2 billion for Tier-1 and N500 million for Tier-2 operators.
Sidi-Ali, consequently urged the public, and media platforms, and all stakeholders to consistently verify information directly from official CBN sources, such as the bank’s website and authorised communication channels, before publishing or sharing news about the bank and its regulatory directives.
She reaffirmed the central bank’s committed to ensuring transparency, stability, and compliance in the foreign exchange market.
She said the bank will continue to engage with all relevant stakeholders in accordance with its statutory mandate.
In May 2024, the CBN ordered all existing Bureau De Change (BDCs) operators in the country and promoters of new entrants to reapply for new operating licenses of their choice.
The directive came as the apex bank introduced fresh regulatory and supervisory guidelines for BDC operations, setting a new licensing regime and capital requirement for the sub-sector.
The framework categorised BDCs into Tiers One and Two, adding that while the former may operate in any state of the federation and the Federal Capital Territory (FCT), the latter is permitted to operate only in one state of the federation or the FCT.
The central bank also pegged the minimum capital requirement for a national BDC at N2 billion, and N500 million for a state operator.
In addition, the central bank issued a six-month deadline for the BDCs to meet the minimum capital requirements for the license category applied for from the effective date of the guidelines.
The bank stated that the guidelines were part of its reforms to reposition the sub-sector to play its envisioned role in the country’s foreign exchange (FX) market.
