The Central Bank of Nigeria (CBN) has officially denied reports claiming an extension of the recapitalization deadline for Bureau De Change (BDC) operators in the country's financial system.
In a statement released on Wednesday, CBN's acting director of Corporate Communications Department, Hakama Sidi Ali, clarified that the apex bank has not granted any extension beyond the previously communicated deadline of June 3, 2025.
"The Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025," the statement emphasized, contradicting reports that had circulated among BDC operators claiming a six-month extension to December 31, 2025.
Recapitalization Requirements Remain Unchanged
The president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, had earlier maintained that the deadline for members' recapitalization remains June 3, 2025, aligning with the CBN's position.
BenriNews recalls that in May 2024, the CBN issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licenses under a two-tier structure.
According to these guidelines, BDCs with Tier 1 licenses must maintain a capital base of N2 billion, while those with Tier 2 licenses require N500 million. The non-refundable license fees are set at N5 million and N2 million for Tier 1 and Tier 2 operators respectively.
The recapitalization exercise is part of broader reforms by the CBN to strengthen Nigeria's financial sector and ensure stability in the foreign exchange market.
BDC operators now have a clear timeline to meet these requirements, with no extension beyond the June 3, 2025 deadline.
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