The Central Bank of Nigeria (CBN) has extended the recapitalization deadline of the Bureau De Change (BDC) operators to December 31, 2025.
BDC operators made the disclsure in their group chat.
However, the Nigeria’s apex bank has not issued official notice on the extension.
The December 31 new recapitalization deadline follows the expiration of the second deadline of June 3, 2025 for the recapitalization exercise.
The CBN had initially set the deadline for December 3, 2024, but later extended it by six months to June 3, 2025, to give operators more time to meet the new requirements.
The president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe said the level of compliance stood at merely 10 percent.
He had earlier maintained that BDCs should consider a merger to meet the recapitalization requirement.
The new recapitalization regime announced by the CBN in February 2024 introduced a two-tier structure for BDCs.
Under the arrangement, Tier-1 BDCs must raise a minimum capital of N2 billion to continue operations, while Tier-2 BDCs are required to raise at least N500 million.
Tier-1 BDCs will be licenced to operate nationwide with broader operational latitude, while Tier-2 operators will be restricted to a single state of operation.
