The Central Bank of Nigeria (CBN) has extended the recapitalization deadline of the Bureau De Change (BDC) operators to December 31, 2025.
This comes amid appreciation of the naira against the dollar at the foreign exchange markets on Tuesday.
BDC operators made this known in their group chat.
However, the Central Bank of Nigeria has not issued official notice on the extension.
The extension follows the expiration of the second deadline for the recapitalization exercise given by the CBN on June 3, 2025.
The CBN had initially set the deadline for December 3, 2024, but later extended it by six months to June 3, 2025, to give operators more time to meet the new requirements.
The president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe said the level of compliance stood at merely 10 percent.
He had earlier insisted that BDCs should consider a merger to meet the recapitalization requirement.
News360 Info reports that the new recapitalization regime announced by the CBN in February 2024 introduced a two-tier structure for BDCs.
Under this framework, Tier-1 BDCs must raise a minimum capital of N2 billion to continue operations, while Tier-2 BDCs are required to raise at least N500 million.
Tier-1 BDCs will be licenced to operate nationwide with broader operational latitude, while Tier-2 operators will be restricted to a single state of operation.
It has been reported that the naira recorded a gain across official and parallel foreign exchange markets on Tuesday.
