Relief for BDC Operators As CBN Announces New Deadline for Recapitalisation
- The Central Bank of Nigeria has extended the deadline for BDC operators to meet its new capital requirements
- The new deadline will give operators more time to raise the required funds based on their tier of operation
- Under the revised framework, Tier-1 BDCs must raise N2 billion, while Tier-2 BDCs are required to raise N500 million
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has offered reprieve to Bureau De Change (BDC) operators by extending the recapitalisation deadline to December 31, 2025.
The new development follows a series of consultations and assessments conducted among BDC groups following the expiry of the latest deadline on June 3, 2025.

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Legit.ng reported that the CBN initially set December 3, 2024, as the deadline for BDCs to meet recapitalisation requirements. However, following a low response, the deadline was extended by six months to June 3, 2025.
In response to concerns raised by stakeholders over the feasibility of meeting the new requirements within the stipulated timeframe, the CBN has now given BDCs one year to comply or risk losing their licences, BusinessDay reports.
CBN rule on BDC recapitalisation
Under the revised guidelines introduced in February 2024, BDCs are now classified into two tiers. Tier-1 BDCs are mandated to raise a minimum capital of N2 billion and will operate with a nationwide license, granting them broader operational capabilities.
Meanwhile, Tier-2 operators are required to raise at least N500 million and will be restricted to operating within a single state.
ABCON message to CBN
Legit.ng spoke to Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), who expressed concern over the low level of compliance among operators.
He highlighted ongoing challenges faced by BDCs in meeting the stringent capitalisation criteria introduced under the new regime.

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The president added:
"The days leading up to the deadline were marked by a tense and challenging atmosphere among licensed bank operators. With the deadline closing yesterday and no extension in sight from the CBN, many of our members now face the imminent risk of license revocation.
"This situation places millions of direct and indirect jobs in jeopardy.
"The unintended consequences are already becoming obvious, including market disruptions, an increase in unregulated operators, a reduction in reporting entities for transactions, and a significant loss of market intelligence."
He, however, did not confirm any extension to December 2025 but said that any extension will provide BDCs with additional time to mobilise resources and ensure compliance with the new regulatory framework.
CBN releases new exchange rate
According to an earlier report by Legit.ng, seven Nigerian banks raised N1.3 trillion as they race to beat the CBN recapitalisation deadline.
The banks include Access Bank, Guaranty Trust Bank, Zenith Bank, FMCB, Sterling and Wema Bank, while UBA and Fidelity will announce their results later
However, smaller banks are shunning public offerings, choosing alternative platforms to raise the required capital
Source: Legit.ng