The Central Bank of Nigeria (CBN) has reaffirmed its decision not to extend the deadline for the ongoing recapitalisation of Bureau de Change (BDC) operators, despite growing calls from some quarters of the industry for more time.
In a statement released on Wednesday, the apex bank made it clear that the deadline, earlier communicated as part of broader financial sector reforms, remains unchanged. The move is part of the CBN’s efforts to strengthen the foreign exchange market, enhance transparency, and curb the influence of illicit financial flows.
“All licensed BDCs are expected to meet the new minimum capital requirements within the stipulated timeframe. There will be no extension,” the statement read.
The recapitalisation exercise mandates tiered capital thresholds based on operational scope, with national BDCs expected to meet significantly higher benchmarks than their regional counterparts. The policy has sparked intense debate, with smaller operators warning of mass exits and market consolidation.
However, the CBN maintains that the recapitalisation will ultimately sanitize the sector and bring it in line with international best practices.
Financial experts argue that while the policy may lead to short-term disruption, it could improve confidence in the BDC subsector and reduce arbitrage in Nigeria’s foreign exchange market.
The apex bank has urged stakeholders to see the reforms as necessary steps toward building a more resilient and efficient financial system. “The era of weak capital bases and inadequate compliance is over,” one senior official at the CBN told journalists.
As the deadline draws near, industry watchers will be observing how many operators manage to meet the requirement — and how the decision shapes Nigeria’s forex market moving forward.
