CBN Debunks Reports on BDC Recapitalization Time Limits

The Central Bank of Nigeria (CBN) has eliminated reports of reports on the extension of the deadline for the recapitalization of the Bureau de Change (BDC) operator until December 31.

Acting Director of Corporate Communication CBN, Ny. Hakama Sidi, in a statement on Wednesday in Abuja, described the report as misleading and urged the Nigerians to ignore it.

According to him, Bank Apex has not provided such extensions beyond the previously communicated time limit on June 3.

The spokesman urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources.

He registered sources to enter the CBN website and official communication channels

“CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to be involved with all relevant stakeholders in accordance with the legal mandate,” said Sidi Ali.

Also read: CBN Problems New Forex Guidelines for BDCS

In the revised framework introduced in February 2024, BDC is required to meet the new minimum capital requirements of N2 billion for Tier-1 and N500 million for Tier-2 operators.

CBN in May 2024 issued a new operational guideline for BDC, effective 3 June 2024 and directed all existing BDCs to request a new license request.

BDC with a Tier 1 license is expected to have a N2 billion capital base, while those who have a Tier 2 license require N500 million, with a license fee that cannot be returned each N5 million and N2 million.

Both Tier 1 and Tier 2 BDC are given six months to meet the minimum capital requirements for their license category.

Bank Apex then extended the deadline with an additional six months for BDC operators to meet the new capital threshold on June 3.