The Central Bank of Nigeria, CBN, has dismissed reports suggesting an extension of the deadline for Bureau De Change operators to meet new capital requirements, insisting the 3 June 2025 deadline remains unchanged.
In a statement by Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications on Tuesday, the Bank described claims of a new 31 December 2025 deadline as false and misleading. Acting Director of Corporate Communications, Hakama Sidi Ali, urged the public and media to rely solely on official CBN channels for regulatory updates.
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The clarification follows speculation among operators adjusting to a stricter regime introduced in February 2024. The guidelines mandate a ₦2 billion capital base for Tier-1 BDCs and ₦500 million for Tier-2 firms.
The policy forms part of the CBN’s broader strategy to reform Nigeria’s fragmented foreign exchange market, clamp down on speculation, and improve monetary policy effectiveness.
Firms failing to comply by the deadline risk losing their licences.
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