The Central Bank of Nigeria (CBN) has categorically dismissed reports claiming an extension of the Bureau De Change (BDC) recapitalisation deadline to December 31, 2025.
The CBN insists that the original deadline of June 3, 2025, for BDC operators to meet new capital requirements remains unchanged.
Hakama Sidi Ali, the CBN’s acting director of corporate communications, labeled media reports suggesting otherwise as “false and misleading.”
Stakeholders and the public are urged to verify regulatory updates solely through official CBN channels, including its website and authorized communications.
The clarification addresses confusion sparked by erroneous media claims, reinforcing the CBN’s commitment to transparency in Nigeria’s foreign exchange market.
In February 2024, the CBN introduced stringent capital requirements, mandating ₦2 billion for Tier-1 BDCs and ₦500 million for Tier-2 BDCs.
These measures aim to stabilize Nigeria’s volatile forex market, curb speculative trading, and strengthen monetary policy effectiveness.
The recapitalisation drive is a cornerstone of the CBN’s broader strategy to overhaul the parallel foreign exchange market and restore investor confidence.
Years of regulatory lapses and exchange rate volatility have underscored the need for a more robust BDC sector, according to the CBN.
Sidi Ali emphasized the bank’s dedication to fostering compliance, transparency, and stability within the forex ecosystem.
The CBN has intensified scrutiny of BDC operations, targeting speculative activities and illicit financial flows over the past year.
The recapitalisation policy seeks to consolidate the sector by weeding out undercapitalized operators and promoting operational efficiency.
BDC operators must secure the required capital and submit compliance documentation by June 2025 or face license revocation.
The CBN has not disclosed how many of Nigeria’s BDC operators have met the new capital thresholds as of June 2025.
No indications of phased implementation or additional support measures for struggling operators have been announced.
The regulator’s firm stance signals its determination to enforce compliance and enhance oversight in the BDC sector.
This recapitalisation effort is pivotal to addressing long-standing challenges in Nigeria’s foreign exchange market, including rate instability and regulatory gaps.
The CBN continues to engage stakeholders to ensure alignment with its statutory mandate for a stable and transparent forex market.
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