By David Akinmola
The Central Bank of Nigeria (CBN) has firmly ruled out any extension to the deadline for the ongoing recapitalisation exercise for Bureau De Change (BDC) operators, reaffirming its commitment to reform and stability in the foreign exchange market.
In a statement issued on Wednesday, the apex bank emphasized that all BDC operators are expected to meet the new capital requirements within the stipulated timeframe, as part of broader efforts to sanitize the forex market and strengthen the financial services sector.
“The deadline remains unchanged. All stakeholders were given ample time to comply, and the CBN expects full adherence to the new regulatory framework,” a senior official at the Bank said.
The recapitalisation directive, announced earlier this year, requires BDCs to increase their minimum capital base significantly — a move the CBN says is necessary to weed out non-performing operators, curb speculation, and align the sector with international best practices.
So far, industry stakeholders have expressed mixed reactions. While some operators have raised concerns over the short timeline, others have welcomed the move as a long-overdue step towards professionalizing the BDC space.
Analysts say the CBN’s firm stance sends a strong signal of regulatory resolve, especially in the face of persistent pressure on the naira and mounting FX demand.
The CBN has also reiterated that only compliant BDCs will be allowed to operate post-deadline, warning that failure to meet the new requirements could lead to license revocation.
As the deadline approaches, industry watchers are closely monitoring developments, with expectations that the recapitalisation exercise could lead to mergers, strategic partnerships, and a more robust BDC sector in the months ahead.
