Naira gains ground in Official Exchange Market forcing CBN to extend BDC recapitalization deadline

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The Nigerian naira has appreciated against the US dollar in the official exchange market, with pressure mounting on the Central Bank of Nigeria (CBN) to extend the recapitalization deadline for Bureau De Change (BDC) operators.

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According to data from the CBN, the naira strengthened to N1,525.98 per dollar on Thursday, up from N1,531 the previous day, representing a gain of N5.02 against the dollar. However, the naira remained flat at N1,550 per dollar in the parallel market.

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BDC operators have been struggling to comply with the CBN’s recapitalization policy, which had a deadline of June 3, 2025. The Arewa Economic Forum, led by its chairman, Ibrahim Dandakata, has called on the CBN to extend the deadline, citing its potential adverse impact on the Northern economy.

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The group’s call highlights the growing pressure on the CBN to reconsider its policy. As the naira continues to fluctuate in the official market, its stability in the black market remains a concern for stakeholders.

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