BREAKING: CBN Denies Extending Recapitalization Deadline for BDC Operators

CBN has denied extending recapitalization deadline for BDC Operators in Nigeria.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) said it did not extend the deadline for the recapitalization of legal Bureau De Change Operators in the country’s financial system.

 

The apex bank’s acting director of the Corporate Communications Department, Hakama Sidi Ali, made this clarification in a statement on Wednesday.

 

This comes amid a report that emanated from BDC operators that the apex bank extended its recapitalization deadline by six months to 31st December 2025.

 

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However, the CBN on Wednesday dismissed that claim, noting that the BDC operators’ recapitalization deadline elapsed on June 3, 2025.

 

“The Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025,” the statement reads in part.

 

The president of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, had earlier maintained that the deadline for members’ recapitalization remains June 3, 2025.

 

Recall that in May 2024, CBN issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licences.

 

Accordingly, the guideline makes it mandatory for BDCs with Tier 1 licences to have a capital base of N2 billion, while those with Tier 2 licences need N500 million, with non-refundable licence fees of N5 million and N2 million, respectively.