The Central Bank of Nigeria (CBN) has formally extended the deadline for Bureau De Change (BDC) operators to meet new recapitalization requirements, shifting the final compliance date to December 31, 2025. This is the second time the Apex Bank is adjusting the timeline since introducing the updated regulatory framework in February 2024.
Initially set for December 3, 2024, the deadline was previously postponed to June 3, 2025, after widespread feedback from stakeholders and reports of poor adherence to the new capital benchmarks.
Under the revised timeline, BDCs have an additional 18 months to satisfy the CBN’s mandated capital thresholds. The recapitalization policy establishes a two-tier licensing framework: Tier-1 BDCs must secure a minimum capital base of ₦2 billion, permitting them to operate across all states, including offering digital forex services and interstate transactions. Tier-2 BDCs, on the other hand, are required to raise ₦500 million and are authorized to function within a single state only.
This reform initiative is part of the CBN’s broader agenda to overhaul the retail foreign exchange ecosystem, aiming to ensure that operators are financially sound, compliant with anti-money laundering regulations, and capable of supporting national monetary policies more effectively.
The latest extension is largely attributed to concerns raised by industry leaders regarding the sluggish compliance rates. Internal circulars within the BDC industry have confirmed the updated deadline.
Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), applauded the decision, describing it as a “timely and critical intervention” to prevent a mass loss of licenses across the sector.
Gwadabe emphasized that most operators are still struggling to meet the required standards, and the new grace period would offer them the opportunity to adequately prepare and consolidate resources.
According to the CBN, this move aligns with a phased implementation roadmap designed to de-risk the BDC space while aligning operations with international standards.
The central bank reiterated its objective of discouraging speculative activities, improving market transparency, and fostering a more stable foreign exchange environment.
While analysts have welcomed the development as a step towards market stability, they have also cautioned that repeated delays in enforcement could shake investor trust and undermine the momentum of broader financial reforms.
The CBN confirmed that the original capital thresholds and operational parameters remain unchanged. All registered BDCs are expected to meet the new conditions by the new deadline or face license revocation.
This recapitalization program remains a central component of the CBN’s overarching strategy to strengthen financial institutions, ensure naira stability, and create a more efficient and transparent FX market under the current economic administration.
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