The Central Bank of Nigeria (CBN) has reportedly extended the deadline for the recapitalization of Bureau De Change (BDC) operators to December 2025.
The decision reportedly emerged through communications within industry networks after the initial June 3, 2025, deadline passed without sufficient compliance from market participants, according to BusinessDay.
Originally slated for completion in December 2024, the capital enhancement program received its first extension to mid-2025, as operators struggled to meet the new financial thresholds set by monetary authorities.
Industry leaders have expressed concern over the slow rate of compliance among BDCs attempting to meet the enhanced capital requirements.
The restructured capital framework, introduced in early 2024, created two distinct operational tiers for foreign exchange businesses. Premium-tier operators must maintain a minimum capital of ₦2 billion to retain their licenses, while standard-tier operators are required to hold at least ₦500 million in available capital.
Premium-tier licensees are granted nationwide operational privileges and an expanded business scope, whereas standard-tier operators are restricted to conducting business within a single state.
This tiered system marks a significant shift in the regulation of Nigeria’s foreign exchange market. The new policy aims to strengthen the sector through higher capitalization requirements while accommodating operators of varying sizes.
