The Central Bank of Nigeria (CBN) has refuted claims that it has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to 31st December 2025.
In a statement issued by the Acting Director of the Corporate Communications Department, Hakama Ali, the apex bank clarified that the official deadline for compliance remains 3rd June 2025, as originally announced. Ali described the circulating reports suggesting a change as false and misleading.
The bank urged members of the public and stakeholders in the financial sector to disregard the misinformation and adhere strictly to the previously communicated timeline.
The CBN had earlier directed BDC operators to meet new minimum capital requirements as part of broader reforms to strengthen the foreign exchange market and enhance regulatory oversight. The recapitalisation exercise is seen as a key step in curbing illicit financial flows and improving transparency within the system.
The apex bank reiterated its commitment to maintaining stability in the financial sector and called on all BDC operators to comply with the set deadline to avoid sanctions.