The Central Bank of Nigeria (CBN) has refuted claims circulating in the media suggesting an extension of the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.
In a statement on Wednesday by the CBN’s Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, the bank dismissed the information as “false” and “misleading.”
The bank noted that no such extension had been granted, emphasizing that the official deadline remains set for June 3, 2025, as initially communicated by the bank.
The statement read, “The Central Bank of Nigeria (CBN) has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.”
It added, “The Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.”
It further urged the public, media houses, and other stakeholders to be vigilant and ensure that any information related to CBN policies is verified through the bank’s official communication channels, including its website.
The bank reaffirmed its commitment to ensuring transparency and stability in the nation’s foreign exchange market while continuing to collaborate with key stakeholders.
What you should know
- This clarification comes in response to a growing wave of misinformation, as the CBN works to enforce its new regulatory framework for BDCs, which was introduced in February 2024.
- The revised framework mandates that BDC operators must meet stricter capital requirements N2 billion for Tier-1 operators and N500 million for Tier-2 operators.
- The CBN’s stance on this matter is part of its broader efforts to streamline the operations of BDCs and enhance compliance in the foreign exchange market.
- Bureau De Change (BDC) operators under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) earlier said that the June 3 recapitalisation deadline for its members remained sacrosanct.
- ABCON had raised concerns over the recapitalization, as most of its members have been unable to meet the deadline.
- Also, ABCON had, in an exclusive chat with Nairametrics, revealed that the majority of its members are faced with uncertainty, as only less than 5% of its members have so far been able to meet the new capital requirement set by the CBN.
- There was a lot of anxiety in the sector recently as the fate of most of these licensed Bureau De Change (BDC) operators hangs in the air.
- The BDCs had kicked against this increase in capital requirement, stating that it is against international best practices.
- They called on the CBN to review the N2 billion capital requirement for BDCs to fit into international standards and noted that the licensed currency traders were open to collaboration with the apex banks on some of these policies.
- In a bid to allow more time for its implementation, the CBN had in November 2024 extended the deadline for BDC operators to recapitalise by six months, with the new date set for June 3, 2025.
