*The Central Bank of Nigeria refutes the claims of extension of recapitalisation exercise of Bureau De Change operators, stating ‘there has been no extension of the recapitalisation deadline for BDC operators beyond June 3, 2025’

Isola Moses | 绿帽献妻

Contrary to earlier reports credited to leadership of the Foreign Exchange聽 (Forex) market operators about an extension in their capitalisation deadline till December 31, 2025, the Central Bank of Nigeria (CBN) has debunked the claims.

The CBN has clarified that there is no extension to the deadline for the recapitalisation of Bureau De Change (BDC) operators beyond June 3 this year.

Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at CBN, in a statement Wednesday, June 11, 2025, said the official deadline remains June 3, 2025, as previously announced.

Ali described the circulating report as false and misleading.

The Bankers’ Bank urged members of the public to disregard the BDC operators’ information.

She also advised the public, journalists, media organisations, and other stakeholders to rely only on official CBN sources, including the Bank鈥檚 Web site, and other verified communication channels, for accurate information regarding its regulatory policies and directives.

The statement further noted: 鈥淭here has been no extension of the recapitalisation deadline for BDC operators beyond June 3, 2025.”

It is noted the recapitalisation programme is part of the regulatory measures the banking sector regulator introduced February 2024.

The Bank explained the exercise seeks to strengthen the operations of BDCs in Nigeria鈥檚 Foreign Exchange market. Under the revised guidelines, Tier-1 BDCs are expected to meet a minimum capital requirement of N2 billion, while Tier-2 operators must raise at least N500 million.

The recapitalisation framework is one of several regulatory initiatives aimed at repositioning the foreign exchange ecosystem for greater efficiency and accountability.

It also aligns with broader efforts by the CBN to stabilise the Naira and attract confidence in the formal Forex market.

Stakeholders in the BDC sector are expected to comply with the capital requirements within the stipulated timeframe or risk losing their operating licences.

Meanwhile, the CBN has assured it will continue to maintain open communication with stakeholders in the financial sector.

It equally stated that the Bank remains committed to promoting transparency, ensuring compliance, and safeguarding the integrity of the Foreign Exchange market in the West African country.

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