The Central Bank of Nigeria (CBN) says it has not extended the deadline for the recapitalisation of bureau de change (BDC) operators.
On June 11, an online news reported that the apex bank had extended the deadline, which closed on June 3, to December 31.
However, Hakama Sidi Ali, the CBN acting director of corporate communications department, described the information as false and misleading, stating that it should be disregarded.
Speaking in a statement on Wednesday, according to NAN, Ali said the bank has not granted any extension beyond the communicated deadline of June 3.
She urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources.
The CBN official said such sources include the CBN website and authorised communication channels, before publishing or sharing news about the bank and its regulatory directives.
“The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali said.
As part of the revised framework introduced in February 2024, BDCs were required to meet new minimum capital requirements: N2 billion for tier-1 and N500 million for Tter-2 operators.
In May 2024, the CBN introduced revised operational guidelines for BDCs, effective June 3 of the same year.
The financial regulator directed all operators to reapply for licences and pegged non-refundable application fees at N5 million for tier 1 and N2 million for tier 2.
Operators were also given an initial six-month deadline to comply with the new capital requirements, which was extended by another six months.
The Association of Bureau De Change Operators of Nigeria (ABCON), on June 2, appealed to the CBN to extend the recapitalisation deadline (which expired on June 3) and review licence requirements.
On June 3, after a meeting with the CBN, ABCON said the deadline remained sacrosanct.
