Abuja: The Central Bank of Nigeria (CBN) has refuted circulating reports suggesting an extension of the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31. Mrs Hakama Sidi Ali, CBN Acting Director of the Corporate Communications Department, categorically stated that the information is false and should be ignored.

According to News Agency of Nigeria, Mrs Sidi Ali emphasized that the bank has not issued any extension beyond the initially communicated deadline of June 3. She urged the public, journalists, media outlets, and stakeholders to consistently verify information from official CBN sources. She highlighted that such sources include the CBN website and authorised communication channels, to ensure the accuracy of news related to the bank and its directives.

Mrs Sidi Ali further stated, “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.”

As per the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements of N2 billion for Tier-1 and N500 million for Tier-2 operators. The CBN issued new operational guidelines in May 2024, effective from June 3, 2024, mandating all existing BDCs to reapply for new licenses. The guidelines specified a capital base of N2 billion for Tier 1 licenses and N500 million for Tier 2 licenses, with respective non-refundable license fees of N5 million and N2 million.

Both Tier 1 and Tier 2 BDCs were initially given six months to comply with the minimum capital requirements for their respective license categories. The CBN had previously extended the recapitalisation deadline by an additional six months, allowing BDC operators until June 3 to meet the new capital thresholds.