With many of the Bureau De Change operators yet to meet the recapitalisation deadline, and the Central Bank of Nigeria, (CBN) sticking to its June 3 deadline, operarors are engulfed in anxiety as their fate is hanging in the balance.
Besides, most of the operators have expressed disaffection with both their leadership, ABCON, and the CBN over the approval of the qualified operators and the subsequent categorisation for the recapitalisation, describing the processes as ‘shrouded in secrecy. ‘
However, CBN has debunked a new report in circulation suggesting that the bank has extended the deadline for the recapitalisation of the BDC operators to December 31, 2025.
The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the information as false, and 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 urged the general public, journalists, media platforms, and all stakeholders to consistently verify the 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 noted.
She also said as part of the revised framework introduced in February 2024, BDCs were required to meet new minimum capital requirements — ₦2 billion for tier-one and ₦500 million for tier-two operators.
