CBN Dispels Rumors of BDC Recapitalization Deadline Extension
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has dismissed reports that suggests the Bank has extended the deadline for Bureau De Change (BDC) operators to recapitalize to December 31, 2025.
The CBN states that the deadline remains June 3, 2025.
Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, described the information as false and misleading, urging the public to disregard it. She clarified that the Bank has not granted any extension beyond the previously announced deadline.
Mrs. Sidi Ali called upon the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources, such as the Bank’s website and authorized communication channels, before publishing or sharing news about the Bank and its regulatory directives.
“The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Mrs. Sidi Ali added.
As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: ₦2 billion for Tier-1 operators and ₦500 million for Tier-2 operators.
