The Central Bank of Nigeria (CBN), on Wednesday debunked the news in some sections of the media that it has extended the deadline for the recapitalisation of Bureau De Change (BDC) for another six months.
As part of the revised framework introduced in February 2024, an in line with the ongoing recapitalisation of various players in the banking sector, BDCs are required to meet new minimum capital requirements: ₦2bn for Tier-1 and ₦500m for Tier-2 operators.
In a statement by its Acting Director of the Corporate Communications, Mrs. Hakama Sidi Ali, the bank described the information as false, misleading, and stated that it should be disregarded.
According to her, the bank has not granted any extension beyond the previously communicated deadline of June 3, 2025.
While urging for consistent verification of information directly from its official sources, such as the website and authorised communication channels, the CBN restated its commitment to ensuring transparency, stability, and compliance in the foreign exchange market.
The bank also said it would “continue to engage with all relevant stakeholders in accordance with its statutory mandate.”