The Central Bank of Nigeria (CBN) has refuted reports suggesting an extension of the deadline for the recapitalisation of Bureau De Change (BDC) operators to 31 December.
In a statement on Wednesday, Mrs Hakama Sidi Ali, Acting Director of the CBN’s Corporate Communications Department, described the circulating report as false and misleading, urging the public to disregard it.
She clarified that the CBN had not granted any extension beyond the already established deadline of 3 June.
“We urge the general public, journalists, media platforms, and all stakeholders to verify information through official CBN sources, including the bank’s website and authorised communication channels, before publishing or circulating news concerning the Bank and its regulatory directives,” she said.
Sidi Ali reiterated the CBN’s commitment to “transparency, stability, and compliance in the foreign exchange market,” adding that the apex bank would continue engaging stakeholders in line with its mandate.
As part of the revised framework introduced in February 2024, BDCs are now required to meet new minimum capital thresholds of ₦2 billion for Tier-1 and ₦500 million for Tier-2 licences.
In May 2024, the CBN issued updated operational guidelines for BDCs, effective from 3 June 2024. Under the directive, all existing BDCs were instructed to reapply for new licences.
Tier-1 BDCs are expected to maintain a ₦2 billion capital base and pay a non-refundable licence fee of ₦5 million, while Tier-2 operators must meet a ₦500 million capital requirement with a licence fee of ₦2 million.
Both categories were given six months to comply with the capital requirements, with the 3 June deadline marking the conclusion of that grace period.
(NAN)