CBN Finally Speaks on Extension of BDC Recapitalisation Deadline

• A rumor about the CBN extending the deadline for BDC recapitalization to December 31, 2025, has been refuted by the CBN.
• The bank confirmed that the deadline remains June 3, 2025, and urged the public to verify information through official CBN sources.
• BDC operators are required to meet new minimum capital requirements of N500 million for tier-two and N2 billion for tier-one operators

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

A recent rumor that the Central Bank of Nigeria (CBN) has extended the deadline for the recapitalization of Bureau De Change (BDC) operators to December 31, 2025, has been refuted.

According to Mrs. Hakama Sidi Ali, the CBN's Acting Director of the Corporate Communications Department, the information is deceptive and untrue and should be ignored.

She claims that the bank has not given any such extension past the June 3, 2025, deadline that was previously announced.

Therefore, before publishing or disseminating news about the bank and its regulatory directives, she urged the public, journalists, media outlets, and all stakeholders to always confirm the information directly from official CBN sources, such as the bank's website and authorized communication channels.

In line with its statutory mandate, the CBN is dedicated to maintaining openness, stability, and compliance in the foreign exchange market and will continue interacting with all pertinent parties, Sidi Ali said.

She added that BDCs must fulfill new minimum capital requirements of N500 million for tier-two operators and N2 billion for tier-one operators as part of the updated framework established in February 2024.

The Central Bank of Nigeria (CBN) has offered reprieve to Bureau De Change (BDC) operators by extending the recapitalization deadline to December 31, 2025.

The new development follows a series of consultations and assessments conducted among BDC groups following the expiry of the latest deadline on June 3, 2025.

Legit.ng reported that the CBN initially set December 3, 2024, as the deadline for BDCs to meet recapitalization requirements. However, following a low response, the deadline was extended by six months to June 3, 2025.

In response to concerns raised by stakeholders over the feasibility of meeting the new requirements within the stipulated timeframe, the CBN has now given BDCs one year to comply or risk losing their licenses, BusinessDay reports.

Under the revised guidelines introduced in February 2024, BDCs are now classified into two tiers. Tier-1 BDCs are mandated to raise a minimum capital of N2 billion and will operate with a nationwide license, granting them broader operational capabilities.

Over 3 million BDC operators face shutdown

Legit.ng reported that three million Nigerians might lose their livelihoods if Bureau De Change Operators (BDCs) shut down due to their inability to meet the new capital requirements, the Association of Bureau De Change Operators of Nigeria (ABCON) has warned.

In an interview with The PUNCH over the weekend, ABCON President Aminu Gwadebe revealed that fewer than 10% of his members have met the new capital level set by the Central Bank of Nigeria (CBN).

Under the CBN’s May 2024 guidelines, BDCs with Tier 1 licences are required to have a capital base of N2 billion, while those with Tier 2 licences must maintain N500 million. The non-refundable licence fees are N5 million and N2 million, respectively. According to a November report from ABCON, the Central Bank extended the deadline for BDCs to recapitalise by six months. The new expiration date is Tuesday, June 3, 2025.

Source: Legit.ng