CBN denies extension of Bureau De Change recapitalisation deadline

By Seun Ibiyemi

The Central Bank of Nigeria (CBN) has denied reports claiming it extended the recapitalisation deadline for Bureau De Change (BDC) operators to 31 December.

In a statement on Wednesday, Mrs Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, described the report as false and misleading, advising the public to disregard it.

She confirmed that no extension beyond the original deadline of 3 June has been granted.

Mrs Sidi Ali urged journalists, media platforms, and stakeholders to verify information through official CBN channels before publishing or sharing news about the bank’s regulations.

“Such sources include the CBN website and authorised communication platforms,” she said.

“The CBN remains committed to transparency, stability, and compliance in the foreign exchange market and will continue to engage stakeholders within its statutory mandate,” she added.

The revised BDC framework, introduced in February 2024, requires operators to meet new minimum capital thresholds: N2 billion for Tier 1 and N500 million for Tier 2.

In May 2024, the CBN issued operational guidelines effective 3 June, requiring all existing BDCs to reapply for licences. Tier 1 BDCs were expected to hold N2 billion in capital with a non-refundable licence fee of N5 million, while Tier 2 BDCs needed N500 million with a fee of N2 million.

Both tiers were initially given six months to meet the capital requirements, but the apex bank later extended the recapitalisation deadline by six months to 3 June.