The Central Bank of Nigeria (CBN) has denied reports suggesting that the deadline for the recapitalisation of Bureau De Change (BDC) operators has been extended to December 31, 2025. The apex bank confirmed that the official deadline remains June 3, 2025, as previously announced.
In a statement, the Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the circulating report as “false and misleading”. She urged the public to disregard the report and rely only on official CBN sources for accurate information. “There has been no extension of the recapitalisation deadline for BDC operators beyond June 3, 2025,” she said
The recapitalisation programme, introduced by the CBN in February 2024, aims to strengthen the operations of BDCs in Nigeria’s foreign exchange market. Tier-1 BDCs are expected to meet a minimum capital requirement of N2 billion, while Tier-2 operators must raise at least N500 million.
The CBN remains committed to promoting transparency, ensuring compliance, and safeguarding the integrity of the foreign exchange market. Stakeholders in the BDC sector are expected to comply with the capital requirements within the stipulated timeframe or risk losing their operating licences. The apex bank will maintain open communication with stakeholders in the financial sector.
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