The Central Bank of Nigeria (CBN) has officially extended the deadline for Bureau De Change (BDC) operators to meet new recapitalization requirements to December 31, 2025.
This new timeline replaces the previous deadline of June 3, 2025, which had already been a six-month extension from the initial compliance date of December 3, 2024. The latest shift was disclosed through a group chat among BDC operators, though an official circular from the apex bank is still awaited.
The extension marks the second adjustment in the recapitalisation schedule since the CBN introduced revised capital requirements in February 2024.
According to Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), most BDCs have been struggling to meet the new capital thresholds. Gwadabe had earlier warned that the level of compliance was critically low across the sector.
Under the revised structure, the CBN introduced a two-tier regulatory framework:
- Tier-1 BDCs must raise a minimum capital base of ₦2 billion to operate nationwide and offer broader financial services.
- Tier-2 BDCs, by contrast, are expected to meet less stringent requirements and operate within limited geographical boundaries.
The new timeline is expected to give BDC operators more breathing room to raise the required capital and restructure their operations accordingly.
