From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has extended the deadline for Bureau De Change (BDC) operators to meet new recapitalisation requirements to Tuesday, December 31, 2025.
The extension was revealed in a group chat among BDC operators, following the lapse of the earlier Monday, June 3, 2025, deadline. This marks the second time the apex bank has adjusted the timeline for compliance since the introduction of the revised capital requirements in February 2024.
Initially, the CBN had set Tuesday, December 3, 2024, as the compliance deadline, before shifting it by six months to June 2025. The latest extension comes amid concerns over low compliance levels within the sector.
Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), had earlier raised the alarm that most BDC operators were struggling to meet the new capital thresholds set by the CBN.
Under the revised recapitalisation framework, the apex bank introduced a two-tier structure to regulate BDC operations more effectively. Tier-1 BDCs are required to raise a minimum capital base of N2 billion to operate nationally and offer broader financial services. In contrast, Tier-2 operators must raise at least N500 million and will be limited to operating within a single state.
The new framework, according to the CBN, aims to strengthen the financial capacity of BDCs, enhance their transparency, and ensure better regulatory oversight in the face of growing concerns around foreign exchange speculation and illicit financial flows.
The CBN has yet to issue an official circular confirming the new deadline, but multiple sources within the sector say the decision was communicated informally pending formal publication.
Industry stakeholders are hopeful that the extended timeline will allow more operators to mobilise the required funds and sustain their licences under the new regulatory regime.
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