The Central Bank of Nigeria (CBN) on June 11, 2025, categorically debunked reports suggesting an extension of the Bureau De Change (BDC) recapitalization deadline, reinforcing its March 31, 2026, timeline to strengthen Nigeria’s foreign exchange market.
Hakama Sidi Ali, CBN’s acting Director of Corporate Communications, issued a statement to Business Day, dismissing claims of a December 2025 extension as “baseless,” urging BDCs to comply with enhanced capital requirements. The clarification, amid Nigeria’s economic turbulence, underscores the CBN’s resolve to curb naira volatility and illicit forex flows, as the bank navigates public scrutiny and investor uncertainty.
Introduced in 2024, the recapitalization mandates BDCs to raise minimum capital to ₦2 billion for Tier 1 licenses and ₦500 million for Tier 2, aiming to professionalize the sector and align with global standards. The policy responds to the naira’s 70% depreciation since 2023, now at ₦1,600 to $1, and accusations that BDCs fuel black-market trading. Over 4,000 BDCs, concentrated in Lagos and Kano, face compliance pressure, with only 20% meeting requirements by May 2025, per the Association of Bureaux De Change Operators of Nigeria (ABCON). Operators like Aminu Gwadabe, ABCON’s president, voiced concerns over high costs, noting that many small-scale BDCs risk closure, potentially disrupting remittances worth $20 billion annually.
The CBN’s rebuttal follows its 2024 crackdown on Binance and 1,146 BDC license revocations, blamed for market distortions. Governor Olayemi Cardoso, addressing a Lagos bankers’ summit, emphasized the policy’s role in restoring investor confidence, citing $50 billion in forex inflows since 2024 reforms. Public reactions, aired on platforms like Nairametrics, reflect frustration, with Abuja’s Wuse Zone 4 traders like Musa Ibrahim decrying exchange rate hikes. The CBN’s stance, supported by the IMF’s push for market-driven currencies, aims to stabilize Nigeria’s 32% inflation rate, but risks alienating small operators. The clarification, alongside plans to digitize BDC operations, signals a transformative phase, as Nigeria grapples with economic recovery.