Ajibola Olarinoye
The Central Bank of Nigeria (CBN) has announced a six-month extension for the recapitalization of Bureau De Change (BDC) operators, pushing the new deadline to December 31, 2025. This decision comes as the naira appreciates against the dollar in the foreign exchange markets, as reported by BDC operators in their group chat.
However, the CBN has yet to release an official statement regarding this extension. The new deadline follows the expiration of the previous one set for June 3, 2025, which was itself an extension from the original date of December 3, 2024. This adjustment was made to provide BDC operators with additional time to comply with the new requirements.
Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), noted that compliance among operators currently stands at only 10 percent. He had previously emphasized the need for BDCs to meet the new standards.
He previously emphasized that Bureau de Change (BDC) operators should consider merging to fulfill the recapitalization requirements. The Central Bank of Nigeria (CBN) introduced a new recapitalization framework in February 2024, establishing a two-tier system for BDCs. Under this system, Tier-1 BDCs must secure a minimum capital of N2 billion to remain operational, while Tier-2 BDCs are required to raise at least N500 million. Tier-1 BDCs will be licensed to operate nationwide with greater operational flexibility, whereas Tier-2 operators will be limited to a single state.
The naira appreciated in both official and parallel foreign exchange markets on Tuesday.
