Central Bank of Nigeria clarifies BDC recapitalisation deadline

• A rumor astir the CBN extending the deadline for BDC recapitalization to December 31, 2025, has been refuted by the CBN.
• The slope confirmed that the deadline remains June 3, 2025, and urged the nationalist to verify accusation done authoritative CBN sources.
• BDC operators are required to conscionable caller minimum superior requirements of N500 cardinal for tier-two and N2 cardinal for tier-one operators

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

A caller rumor that the Central Bank of Nigeria (CBN) has extended the deadline for the recapitalization of Bureau De Change (BDC) operators to December 31, 2025, has been refuted.

The CBN has offered reprieve to Bureau De Change (BDC) operators. Photo Credit: Contributor
Source: Getty Images

According to Mrs. Hakama Sidi Ali, the CBN's Acting Director of the Corporate Communications Department, the accusation is deceptive and untrue and should beryllium ignored.

She claims that the slope has not fixed immoderate specified hold past the June 3, 2025, deadline that was antecedently announced.

Therefore, earlier publishing oregon disseminating quality astir the slope and its regulatory directives, she urged the public, journalists, media outlets, and each stakeholders to ever corroborate the accusation straight from authoritative CBN sources, specified arsenic the bank's website and authorized connection channels.

In enactment with its statutory mandate, the CBN is dedicated to maintaining openness, stability, and compliance successful the overseas speech marketplace and volition proceed interacting with each pertinent parties, Sidi Ali said.

She added that BDCs indispensable fulfill new minimum superior requirements of N500 cardinal for tier-two operators and N2 cardinal for tier-one operators arsenic portion of the updated model established successful February 2024.

The Central Bank of Nigeria (CBN) has offered reprieve to Bureau De Change (BDC) operators by extending the recapitalization deadline to December 31, 2025.

The caller improvement follows a bid of consultations and assessments conducted among BDC groups pursuing the expiry of the latest deadline connected June 3, 2025.

Legit.ng reported that the CBN initially acceptable December 3, 2024, arsenic the deadline for BDCs to conscionable recapitalization requirements. However, pursuing a debased response, the deadline was extended by six months to June 3, 2025.

The CBN has present fixed BDCs 1 twelvemonth to comply oregon hazard losing their licenses. Photo Credit: Contributor
Source: Getty Images

In effect to concerns raised by stakeholders implicit the feasibility of gathering the caller requirements wrong the stipulated timeframe, the CBN has present fixed BDCs 1 twelvemonth to comply oregon hazard losing their licenses, BusinessDay reports.

Under the revised guidelines introduced successful February 2024, BDCs are present classified into 2 tiers. Tier-1 BDCs are mandated to rise a minimum superior of N2 cardinal and volition run with a nationwide license, granting them broader operational capabilities.

Over 3 cardinal BDC operators look shutdown

Legit.ng reported that 3 cardinal Nigerians mightiness suffer their livelihoods if Bureau De Change Operators (BDCs) unopen down due to their inability to conscionable the caller superior requirements, the Association of Bureau De Change Operators of Nigeria (ABCON) has warned.

In an interrogation with The PUNCH implicit the weekend, ABCON President Aminu Gwadebe revealed that less than 10% of his members person met the caller superior level acceptable by the Central Bank of Nigeria (CBN).

Under the CBN’s May 2024 guidelines, BDCs with Tier 1 licences are required to person a superior basal of N2 billion, portion those with Tier 2 licences indispensable support N500 million. The non-refundable licence fees are N5 cardinal and N2 million, respectively. According to a November study from ABCON, the Central Bank extended the deadline for BDCs to recapitalise by six months. The caller expiration day is Tuesday, June 3, 2025.

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Source: Legit.ng