The Central Bank of Nigeria (CBN) has officially refuted circulating reports claiming that the deadline for the recapitalisation of Bureau De Change (BDC) operators has been extended to December 31, 2025. In a statement released on June 11, 2025, by Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department, the CBN described the reports as “false” and “misleading,” emphasizing that the official deadline remains firmly set for June 3, 2025, as initially announced.

Mrs. Ali urged the public, media outlets, and all stakeholders to verify any information regarding CBN policies strictly through the bank’s official communication channels, including its website, to avoid the spread of misinformation. She underscored the bank’s commitment to transparency, stability, and regulatory compliance in Nigeria’s foreign exchange market, reaffirming ongoing collaboration with key stakeholders to maintain market integrity.

The recapitalisation exercise forms part of a broader regulatory framework introduced by the CBN in February 2024 aimed at strengthening the operations of BDCs. Under this framework, BDCs are classified into two tiers with distinct minimum capital requirements: Tier-1 operators must recapitalise to at least ₦2 billion to qualify for nationwide licenses and broader operational scope, while Tier-2 operators are required to raise a minimum capital of ₦500 million and will be restricted to operating within a single state.

Despite earlier reports and speculation, the CBN has not granted any extension beyond the June 3, 2025 deadline. The bank has made it clear that failure to meet the recapitalisation requirements by this date will result in the revocation of operating licenses for non-compliant BDCs. This move is part of the CBN’s effort to enhance efficiency, accountability, and stability within the foreign exchange market, thereby supporting the broader goal of stabilising the naira and attracting confidence in the formal FX market.

The recapitalisation deadline had previously been extended once from December 3, 2024, to June 3, 2025, to give operators additional time to meet the new capital requirements. However, the latest rumors suggesting a further extension to the end of 2025 have been firmly denied by the CBN.

In conclusion, the CBN’s clear position is that the recapitalisation deadline remains June 3, 2025, and the bank continues to encourage strict adherence to regulatory guidelines to ensure a robust and transparent foreign exchange sector.