The Central Bank of Nigeria (CBN) has extended the recapitalisation deadline of the Bureau De Change (BDC) operators to December 31, 2025.

This was discovered in a group chart of the BDCs, following the expiration of the second deadline for the recapitalisation exercise given by the CBN on June 3, 2025.

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.

Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), had said the level of compliance remains alarmingly low.

The new recapitalisation regime introduced by the CBN in February 2024 introduced a two-tier structure for BDCs. Under this framework, 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 licensed to operate nationwide with broader operational latitude, while Tier-2 operators will be restricted to a single state of operation. (BusinessDay)