Lagos: The Central Bank of Nigeria (CBN) has debunked a news story suggesting it had extended the deadline for recapitalising Bureau De Change (BDC) operators to Dec. 31.
In a statement on Wednesday, Mrs. Hakama Sidi Ali, CBN Acting Director, Corporate Communications Department, described the information as false and misleading and stated that it should be disregarded.
According to her, the Bank has not granted any such extension beyond the previously 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.
She 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 by its statutory mandate,” Sidi Ali declared.
As part of the revised framework introduced in February 2024, BDCs must meet new minimum capital requirements: N2 billion for Tier-1 and N500 million for Tier-2 operators.
It can be recalled that the CBN had issued new operational guidelines for BDCs in May 2024, effective June 3, 2024, directing all existing BDCs to reapply for new licenses.
BDCs with Tier 1 licenses were expected to have a capital base of N2 billion, while those with Tier 2 licenses needed N500 million. Non-refundable license fees were N5 million and N2 million, respectively.
Both Tier 1 and Tier 2 BDCs were given six months to meet the minimum capital requirement for the license category applied for.
The apex bank extended the recapitalisation deadline by six months for BDC operators to meet the new capital threshold by June 3.