The Central Bank of Nigeria (CBN) has extended the deadline for Bureau De Change (BDC) operators to complete their recapitalisation to December 31, 2025. This decision was communicated in a group chat among BDCs, following the lapse of the second recapitalisation deadline set by the CBN, which was June 3, 2025.
Initially, the CBN had established the original deadline as December 3, 2024, but later granted a six-month extension to June 3, 2025, to provide operators with additional time to comply with the new capital requirements.
Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), expressed concerns regarding the low level of compliance among operators.
The new recapitalisation framework, introduced by the CBN in February 2024, features a two-tier structure for BDCs. In this system, Tier-1 BDCs are required to raise a minimum capital of N2 billion to continue their operations, while Tier-2 BDCs must secure at least N500 million. Tier-1 BDCs will receive licenses to operate nationwide, providing them with greater operational flexibility, whereas Tier-2 operators will be limited to a single state of operation.
