The Central Bank of Nigeria (CBN) has debunked a news report claiming the apex bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.
Recall the CBN had in February 2024 set June 3, 2025. As the deadline for the BDCs recapitalization. The deadline has since lapsed.
Consequently, BDCs are required to meet new minimum capital requirements: ₦2 billion for Tier-1 (BDC operation nationally) and ₦500 million for Tier-2 operators (localised in a state).
The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, said the information on extension should be disregarded.
According to her, the Bank has not granted any such extension.
She consequently urged 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.
Speaking exclusively to our correspondent, the President, Association of Bureau De Change Operators of Nigeria, (ABCON) Alhaji Aminu M. Gwadabe also confirmed the news making the rounds on the purported deadline extension is fake.
He told our correspondent on the phone that “it is fake news and the usual handwork of fake news peddlers.”
He however indicated that the Association is still engaging with the CBN on what is possible in the circumstance.
“What I can say is that discussions are on going on the several challenges mitigating our members compliance with the new guidelines financial requirements” he said adding that “the apex bank management is giving us their listening ears in line with their vision of diversity in collaboration and the impacts of the deadline on our members’ means of livelihood and to also avoid any disruptions in the market.”
“Once, there is any official pronouncement from the CBN on the Extension, we will inform our Members and guide them accordingly” he assured.
