CBN Denies Extending BDC Recapitalisation Deadline  

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.

The CBN, through its Acting Director of the Corporate Communications Department, Hakama Sidi Ali, describes the information as false, misleading, and stated that it should be disregarded.

According to her, the Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.

She consequently urges 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.

The 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 notes.

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.