The Central Bank of Nigeria (CBN) has officially extended the deadline for the ongoing Bureau De Change (BDC) recapitalisation exercise to December 31, 2025.
This marks the second extension granted to operators since the recapitalisation framework was introduced in February 2024.
The apex bank initially set the compliance deadline for December 3, 2024. It was later revised to June 3, 2025, following low compliance levels and industry-wide feedback.
The latest extension provides BDC operators an additional 18 months to meet the new capital requirements under the revised regulatory framework.
Under the new two-tier BDC licensing structure, Tier-1 operators are required to raise a minimum capital of ₦2 billion, while Tier-2 operators must raise at least ₦500 million.
Tier-1 BDCs will be permitted to operate nationally with broader operational scope, including digital forex services and inter-state transactions. Tier-2 operators will be restricted to a single-state operation.
The recapitalisation exercise forms part of the CBN’s broader strategy to sanitise and strengthen the retail segment of Nigeria’s foreign exchange market.
The central bank aims to ensure that BDC operators are financially resilient, compliant with anti-money laundering regulations, and capable of supporting monetary stability.
Industry sources confirmed the new deadline via internal circulars and discussions shared in BDC communication groups.
The development follows concerns raised by stakeholders regarding the slow pace of compliance since the framework was introduced.
Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), acknowledged the extension and said the additional time would allow operators to consolidate resources and meet regulatory expectations.
He noted that the compliance rate across the sector remains “alarmingly low” and welcomed the new deadline as a necessary intervention to avoid widespread licence forfeitures.
“The recapitalisation will position licensed BDCs to play stronger roles in Nigeria’s foreign exchange value chain, especially with the planned shift towards formalising all retail forex transactions,” Gwadabe stated.
The CBN has emphasised that the new deadline is part of its phased implementation strategy aimed at de-risking the BDC segment and aligning it with global best practices. It has reiterated its commitment to reforming the FX ecosystem, curbing speculative activities and enhancing transparency in the forex market.
Analysts say the extension will help stabilise the sector and give room for genuine operators to restructure. However, they caution that further delays in enforcement could weaken investor confidence and disrupt the long-term reform goals of the monetary authority.
As of now, the CBN has not indicated any changes to the capital thresholds or operational guidelines previously issued. All operators are expected to meet the stated requirements by the new deadline or risk licence revocation.
The recapitalisation exercise is part of a wider effort by the CBN under the current administration to strengthen financial institutions, stabilise the naira and create a more efficient and transparent FX market structure.
