The Central Bank of Nigeria (CBN) has maintained that the June 3 deadline set for Bureau De Change (BDC) operators to recapitalize remained valid, meaning that it has elapsed.
The position of the CBN has put to lie, news that has been floating in social and conventional media across the country that the apex Bank had extended the deadline to December 31, 2025.
It would be recalled that CBN had directed BDCs to ensure that they meet the new minimum capital requirements as follows: ₦2 billion for Tier-1 and ₦500 million for Tier-2 before or on June 3, 2025. This was part of the revised framework introduced by the CBN in February 2024.
In a statement today, June 11, the Acting Director in the Corporate Communications Department of CBN, Mrs. Hakama Sidi Ali, said that the information about the extension of date was false, misleading and that it should be disregarded.
According to her, the Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.
She advised members of 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.”
