Victor EzejaThe Central Bank of Nigeria (CBN) has debunked reports claiming it extended the deadline for Bureau De Change (BDC) operators to meet new capitalisation requirements.
The apex bank insisted that the deadline remains 3 June 2025, as earlier communicated.
Join our WhatsApp ChannelPrime Business Africa reports that some media reports had claimed that the CBN has extended the deadline to 31 December 2025.
However, in a statement released on Tuesday, 10 June, signed by the CBN’s acting director of corporate communications, Hakama Sidi Ali, the apex bank described the reports as “false and misleading.”
Sidi-Ali maintained that the bank did not grant such an extension to BDC operators.
“The Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025,” Sidi Ali stated.
The CBN spokesperson advised the public and media outlets to use the bank’s official channels to confirm regulatory information.
“The general public, journalists, media platforms, and all stakeholders should consistently verify information directly from official CBN sources, such as the Bank’s website and authorised communication channels.”
The CBN’s clarification laid to rest speculations about whether the apex bank intends to extend the deadline or not.
Prime Business Africa reports that the CBN had, in February 2024, introduced new capital requirements for BDCs in the country as part of measures to restructure and stabilise Nigeria’s volatile foreign exchange market. After the initial six-month deadline, CBN extended it to 3 June 2025.
The new policy guidelines mandate BDCs under the Tier-1 category to have a minimum capital base of ₦2 billion, while those under Tier-2 must have a minimum of ₦500 million.
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While BDCs are grappling with meeting the new capital requirement, the CBN maintains that the new policy for BDCs is part of its broader efforts to improve the transmission of monetary policy, clean up the parallel FX market, and reduce speculative activity.
“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,” Sidi Ali emphasised.
Concerns regarding speculative activity and illicit financial flows have prompted the banking regulator to step up oversight of BDC operations during the past 12 months.
The goal of the recapitalization plan is to strengthen internal controls and promote operational efficiency while reducing the number of players that are not adequately regulated.
In order to maintain operations under the new regime, BDCs must obtain additional funding and submit pertinent documentation within the stipulated timeframe. Failure to do so could result in the loss of the operating license.
CBN is yet to release an update on the number of BDCs that have complied with the new regulations.
Shortly before the 3 June deadline, President of the Association of Bureau De Change Operators of Nigeria (ABCON), Dr Aminu Gwadabe, had said about 90 per cent of BDC operators were unable to meet the revised licence requirements before the deadline.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
