Gladness Gideon
The Central Bank of Nigeria (CBN) has refuted claims suggesting an extension of the deadline for Bureau De Change (BDC) operators to fulfill new capital necessities, sustaining that the June 3, 2025, deadline stays unchanged.
In a press release launched on Wednesday, the Performing Director of Company Communications, Mrs. Hakama Sidi Ali, described experiences of a deadline shift to December 31, 2025, as false and deceptive. She urged the general public and all stakeholders to ignore the circulating data.
“There was no extension of the recapitalisation deadline for BDC operators past June 3, 2025,” she said, reaffirming the CBN’s dedication to transparency and regulatory readability.
Mrs. Sidi Ali additional suggested journalists, media organisations, and the general public to rely solely on official sources—such because the CBN’s web site and verified communication channels—for correct updates on regulatory insurance policies and directives.
The recapitalisation mandate is a part of a broader effort launched by the apex {bank} in February 2024 to reform Nigeria’s international change panorama.
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In response to the revised operational tips, Tier-1 BDCs should elevate their capital base to ₦2 billion, whereas Tier-2 operators are required to fulfill a minimal of ₦500 million.
The CBN said that the recapitalisation programme is geared toward enhancing the effectiveness, transparency, and accountability of the BDC sub-sector and aligns with ongoing efforts to stabilise the naira and foster better confidence within the formal international change market.
It warned that failure to adjust to the brand new capital thresholds inside the stipulated timeframe would outcome within the revocation of working licences.
The apex {bank} reaffirmed its dedication to partaking stakeholders within the {financial} companies business and emphasised that it’ll proceed to implement insurance policies that promote {financial} system stability and integrity.
