Photo caption: ABCON logo
The Central Bank of Nigeria has refuted claims in the media suggesting an extension of the deadline for the recapitalisation of Bureau De Change operators to December 31, 2025.
In a statement on Wednesday, the CBN’s acting Director of the Corporate Communications Department, Mrs Hakama Sidi-Ali, dismissed the information as “false” and “misleading.”
She reiterated that no such extension had been granted and that the official deadline remains set for June 3, 2025, as previously communicated.
“The Central Bank of Nigeria has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change operators to December 31, 2025,” the statement read.
It added, “The bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.”
The CBN urged the public, media houses, and stakeholders to verify any information related to its policies through the bank’s official communication channels, including its website.
The clarification comes as the CBN continues to enforce its new regulatory framework for BDCs, introduced in February 2024, which mandates BDC operators to meet higher capital requirements.
Tier-1 operators are required to meet a capital requirement of N2bn, while Tier-2 operators must meet N500m.
The CBN said that it remained committed to ensuring stability and transparency in Nigeria’s foreign exchange market, engaging with relevant stakeholders to ensure compliance with the regulatory framework.
The PUNCH earlier reported that the Association of Bureau De Change Operators of Nigeria warned that about three million Nigerians were at risk of losing their source of livelihood if BDCs closed shop due to their inability to meet the new capital threshold.
This was according to the ABCON President, Aminu Gwadebe, in a chat with The PUNCH, in which he also revealed that less than 10 per cent of his members have met the new capital threshold directed by the CBN.
