Yemisi Izuora
The Central Bank of Nigeria (CBN) has said that it has not granted any extension beyond the previously communicated deadline of June 3, 2025 for recapitalisation of Bureau De Change (BDC) operators.
The Apex Bank, therefore dismissed a news story in circulation suggesting that the Bank has extended the deadline to December 31, 2025.
The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the information as false, misleading, and stated that it should be disregarded.
She consequently urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources, such as the Bank’s website and authorised communication channels, before publishing or sharing news about the Bank and its regulatory directives.
She said, “CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali noted.
“As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: ₦2 billion for Tier-1 and ₦500 million for Tier-2 operators.”