CBN insists on June 2025 deadline for BDC recapitalisation
BY MOTOLANI OSENI
The Central Bank of Nigeria (CBN) has reaffirmed that there will be no extension to the recapitalisation deadline for Bureau De Change (BDC) operators, firmly dismissing media reports suggesting a shift to December 31, 2025.
In a statement issued on Wednesday, Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, described the reports as “false” and “misleading,” stressing that the deadline remains June 3, 2025, as previously announced. The CBN urged the public and stakeholders to verify policy updates only through its official communication channels.
The apex bank’s stance comes amid rising concerns within the BDC sector, as many operators struggle to meet the new capital thresholds introduced under the regulatory framework announced in February 2024. Under the revised guidelines, Tier-1 BDCs are required to raise capital to N2 billion, while Tier-2 operators must meet a minimum of N500 million.
Despite intense lobbying from the Association of Bureau De Change Operators of Nigeria (ABCON), which has argued that the new requirements contradict international best practices, the CBN has remained unmoved. ABCON recently disclosed that fewer than 5 per cent of its members have been able to comply with the new capital requirements, fuelling uncertainty across the industry.
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The sector has faced mounting anxiety as most licensed BDCs risk losing their operating licences if they fail to meet the recapitalisation deadline. Although the CBN granted an initial six-month extension in November 2024, setting the final deadline for June 3, 2025, it has made it clear that no further concessions will be granted.
The CBN maintains that the recapitalisation exercise is critical to sanitising the foreign exchange market, strengthening compliance, and ensuring long-term stability in the nation’s currency operations.
