No recapitalisation deadline extension for BDCs, CBN says 

The Central Bank of Nigeria (CBN) has refuted claims circulating within the media suggesting an extension of the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.

In a press release on Wednesday by the CBN’s Appearing Director of the Company Communications Division, Mrs. Hakama Sidi Ali, the bank dismissed the data as “false” and “deceptive.” 

The bank famous that no such extension had been granted, emphasizing that the official deadline stays set for June 3, 2025, as initially communicated by the bank.

The assertion learn, “The Central Bank of Nigeria (CBN) has debunked a information story in circulation suggesting that the Bank has prolonged the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.” 

It added, “The Bank has not granted any such extension past the beforehand communicated deadline of June 3, 2025.” 

It additional urged the general public, media homes, and different stakeholders to be vigilant and make sure that any info associated to CBN insurance policies is verified by way of the bank’s official communication channels, together with its web site.

The bank reaffirmed its dedication to making sure transparency and stability within the nation’s overseas alternate market whereas persevering with to collaborate with key stakeholders.

What it’s best to know 

• This clarification is available in response to a rising wave of misinformation, because the CBN works to implement its new regulatory framework for BDCs, which was launched in February 2024.
• The revised framework mandates that BDC operators should meet stricter capital necessities N2 billion for Tier-1 operators and N500 million for Tier-2 operators.
• The CBN’s stance on this matter is a part of its broader efforts to streamline the operations of BDCs and improve compliance within the overseas alternate market.
• Bureau De Change (BDC) operators beneath the aegis of the Affiliation of Bureau De Change Operators of Nigeria (ABCON) earlier stated that the June 3 recapitalisation deadline for its members remained sacrosanct.
• ABCON had raised issues over the recapitalization, as most of its members have been unable to satisfy the deadline.
• Additionally, ABCON had, in an unique chat with Nairametrics, revealed that almost all of its members are confronted with uncertainty, as solely lower than 5% of its members have thus far been capable of meet the brand new capital requirement set by the CBN.
• There was plenty of nervousness within the sector lately because the destiny of most of those licensed Bureau De Change (BDC) operators hangs within the air.
• The BDCs had kicked in opposition to this enhance in capital requirement, stating that it’s in opposition to worldwide greatest practices.
• They known as on the CBN to assessment the N2 billion capital requirement for BDCs to suit into worldwide requirements and famous that the licensed forex merchants have been open to collaboration with the apex banks on a few of these insurance policies.
• In a bid to permit extra time for its implementation, the CBN had in November 2024 prolonged the deadline for BDC operators to recapitalise by six months, with the brand new date set for June 3, 2025.