CBN debunks BDC recapitalisation deadline shift

The Central Bank of Nigeria (CBN) has debunked a news story circulating that suggested it had extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to Dec. 31.

n a statement on Wednesday, Mrs Hakama Sidi Ali, CBN Acting Director, Corporate Communications Department, described the information as false and misleading, stating that it should be disregarded.

According to her, the bank has not granted any such extension beyond the previously communicated deadline of June 3.

She urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources.

She said such sources include the CBN 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,” Sidi Ali said.

As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: N2 billion for Tier-1 and N500 million for Tier-2 operators.

NAN reports that the CBN in May 2024 issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licenses.

BDCs with Tier 1 licenses were expected to have a capital base of N2 billion, while those with Tier 2 licenses needed N500 million, with non-refundable license fees of N5 million and N2 million, respectively.

Both Tier 1 and Tier 2 BDCs were given six months to meet the minimum capital requirement for the license category applied for.

The apex bank later extended the recapitalisation deadline by an additional six months for BDC operators to meet the new capital threshold by June 3.