The Central Bank of Nigeria (CBN) has denied reports that it has extended the deadline for Bureau De Change (BDC) operators to increase their minimum capital base to December 31, 2025, as being speculated in a section of the media, excluding Business Post.
Foreign exchange (FX) traders not in the official market segment were given till June 3, 2025, to raise their capital base to strengthen the forex landscape in the country.
The banking sector watchdog asked BDC operators in the Tier-1 space to increase theirs to at least N2 billion, while Tier-2 operators must have at least N500 million.
It was reported yesterday that the central bank extended the deadline to December 31, 2025, because most of them could not meet the minimum capital requirements of the bank.
In a chat with The Punch, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), Mr Aminu Gwadebe, claimed that only less than 10 per cent of his members could meet up with the deadline, warning that about three million Nigerians were at risk of losing their source of livelihood.
But the apex bank, via a statement issued by its acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, said no extension has been granted.
She described the reports as “false and “misleading,” advising the public, media houses, and stakeholders to verify any information related to its policies through the bank’s official communication channels, including its website.
“The Central Bank of Nigeria has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change operators to December 31, 2025,” the CBN’s spokesperson stated.
Mrs Ali emphasised that, “The bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.”