• CBN gives forex bureaus until December 31, 2025, to meet new capital rules
• Fewer than 10% of operators were compliant as of June 2025, says ABCON
• Over 3 million jobs at risk if non-compliant bureaus are forced to shut down

The Central Bank of Nigeria (CBN) has extended the deadline for foreign exchange bureaus (BDCs) to meet new capital requirements. The new deadline is now set for December 31, 2025, according to reports from Nigerian media on Tuesday, June 10, 2025.

This is the second extension within one year. The previous deadline of June 3, 2025, was missed by most operators. The extension comes in response to challenges faced by BDCs in meeting the new financial rules.

According to the Association of Bureaux De Change Operators of Nigeria (ABCON), fewer than 10 percent of operators were compliant with the new capital standards by the end of June 2025. ABCON, led by Dr. Aminu Gwadabe, requested the extension and warned that rushing the process could harm the economy. The group estimates that over three million jobs could be lost if non-compliant operators are forced to shut down. ABCON also urged the CBN to keep talking with stakeholders to ease concerns.

Faced with the stricter rules, some operators are exploring consolidation. This includes forming limited liability companies or merging with other operators to meet the required capital levels.

The CBN announced the recapitalization plan in a circular dated May 22, 2024. Under the new rules, operators who want to operate across Nigeria must hold a minimum capital of 2 billion nairas (about $1.3 million). Those restricted to a single state must hold at least 500 million nairas. Previously, a general license required only 35 million nairas in capital.

The original compliance deadline was six months from June 3, 2024, which was then extended to June 3, 2025. With the latest extension, operators now have until the end of 2025 to meet the new requirements.

This recapitalization move is part of broader CBN reforms meant to strengthen the sector and stabilize Nigeria’s currency market, which remains under heavy pressure.

Before announcing the recapitalization policy, the CBN had revoked the licenses of 4,173 foreign exchange operators on March 1, 2024, due to non-compliance with at least one of three key regulatory requirements.