The Central Bank of Nigeria (CBN) has stated that no approval has been given for the extension of deadline for the recapitalisation of Bureau De Change (BDC) operators as being speculated.
CBN’s Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, made the clarification in a statement on Wednesday.
She described the information suggesting the extension of deadline to December 31, 2025, as false and misleading, therefore, 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 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.
As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements of N2 billion for Tier-1 and N500 million for Tier-2 operators.
