The Central Bank of Nigeria (CBN) has officially debunked reports claiming that the deadline for the recapitalization of Bureau De Change (BDC) operators has been extended to December 31, 2025. In a statement released by Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department, the apex bank clarified that no such extension has been granted.
This announcement is a crucial development, given the vital role that BDCs play in Nigeria’s foreign exchange ecosystem. By reaffirming the original recapitalization timeline, the CBN sends a strong message about its unwavering commitment to regulatory compliance and financial sector reform.
The ongoing recapitalization effort forms part of the CBN’s broader economic strategy aimed at strengthening Nigeria’s financial system. Raising the minimum capital requirement for BDC operators is expected to enhance transparency, promote market stability, and reduce volatility in the forex space. This move is also designed to attract greater foreign investment and support long-term economic development.
Maintaining the deadline underscores the CBN’s determination to restructure the sector and weed out non-compliant players. Regulatory enforcement of this nature not only boosts investor confidence but also signals that the institution is serious about creating a more resilient, efficient financial market.
BDC operators serve as critical intermediaries in Nigeria’s foreign exchange market. Their compliance with the recapitalization directive is essential to ensuring market integrity and building a more robust monetary system. The CBN’s decision to stand firm on this issue is aligned with its long-term goal of fostering macroeconomic stability.
Nigeria’s financial landscape has undergone notable transformations in recent years, with the CBN championing various reforms aimed at diversifying the economy and reducing reliance on oil revenues. The recapitalization of BDCs is one of the cornerstone initiatives under this reform agenda, further emphasizing the need for operational efficiency and regulatory alignment in the sector.
By rejecting misinformation and reiterating its stance, the CBN reinforces its position as a proactive regulator committed to driving meaningful change within Nigeria’s financial architecture.