Market News
CBN denies extension of BDC recapitalisation deadline - DAILY TRUST
By Abdullateef Aliyu, Lagos
The Central Bank of Nigeria (CBN) has denied report that the Bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.
The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the information as false, misleading, and stated that it should be disregarded.
According to her, the Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.
She however urged 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 authorised 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,” Ali said.
It would be recalled that the CBN in May 2024 issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licences.
BDCs with Tier 1 licence were expected to have a capital base of N2 billion while those with Tier 2 licence needed N500 million, with non-refundable licence fees of N5 million and N2 million respectively.
Both Tier 1 and Tier 2 BDCs were given six months to meet the minimum capital requirement for the licence category applied for.
The apex bank later extended the recapitalisation deadline by an additional six months while it continued engagements with the BDC operators to meet the new capital threshold by June 3.
The Association of Bureau De Change Operators of Nigeria (ABCON) had raised concerns that only about 10 per cent of its members were able to reach the capital requirement as of June 3, warning that over 3,600 operators might go out of business.
ABCON President, Aminu Gwadabe had said, ““The deadline for the existing BDCs for recapitalisation by June 3rd, 2025 remains sacrosanct. Also, the minimum capital requirements of N2 billion for tier 1 and N500 million for tier 2 remain sacrosanct,” he added.
