The Central Bank of Nigeria (CBN) has released the complete list of 82 Bureaux De Change (BDCs) that now hold final operating licences under the tough 2024 regulatory framework. Just two made it to Tier 1 status, while 80 secured Tier 2 approval, with all licences kicking in from November 27, 2025. This is the first batch of fully cleared operators since the CBN began the clean-up of the foreign exchange market.
The list dropped on Monday, December 8, 2025, in a statement signed by Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali. The CBN made it clear again: only BDCs on this official roll, posted on www.cbn.gov.ng, are legal. Anyone dealing with others is on their own, and unlicensed operators face the full weight of the law under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Tier 1 Licensed BDCs (Nationwide Operations)
1. DULA GLOBAL BDC LTD
2. TRURATE GLOBAL BDC LTD
These two met the N2 billion minimum capital requirement, paid a N5 million non-refundable licence fee, and passed strict compliance checks. They can open branches across Nigeria, run franchises, and offer digital forex services—such as app-based transactions and online trading platforms—once their systems are fully integrated with CBN’s direct monitoring systems. This digital linkage is expected to provide Nigerians with more traceable, secure, and convenient retail foreign exchange access.
Tier 2 Licensed BDCs (State-Limited Operations)
Each Tier 2 BDC paid a N2 million licence fee on top of a N500 million capital requirement. They are restricted to operations within a single state but must still connect to CBN’s Trade Monitoring System and anti-money laundering platforms before commencing trading.
1. ABBUFX BDC LTD
2. ACHA GLOBAL BDC LTD
3. ARCTANGENT SWIFT BDC LTD
4. ASCENDANT BDC LTD
5. BARACAI BDC LTD
6. BERGPOINT BDC LTD
7. BRAVO MODEL BDC LTD
8. BRIMESTONE BDC LTD
9. BROWNSTON BDC LTD
10. BUZZWALLET BDC LTD
11. CASHCODE BDC LTD
12. CHATTERED BDC LTD
13. CHRONICLES BDC LTD
14. COOL FOREX BDC LTD
15. CORPORATE EXCHANGE BDC LTD
16. COURTESY CURRENCY BDC LTD
17. DANYARO BDC LTD
18. DASHAD BDC LTD
19. DEVAL BDC LTD
20. DFS BDC LTD
21. EASY CASH BDC LTD
22. ELELEM BDC LTD
23. E-LIOYDS BDC LTD
24. ELOGOZ BDC LTD
25. ENOUF BDC LTD
26. EVER JOJ GOLD BDC LTD
27. EXCEL RIJIYA FOREX BDC LTD
28. FABFOREX BDC LTD
29. FELLOM BDC LTD
30. FINE BDC LTD
31. FOMAT BDC LTD
32. GENELO BDC LTD
33. GENTLE BREEZE BDC LTD
34. GRACEFUL GLORY AND HUMILITY BDC LTD
35. GREENGATE BDC LTD
36. GREENVAULT BDC LTD
37. HAZON CAPITAL BDC LTD
38. HIGH-POINT BDC LTD
39. I & I EXCHANGE BDC LTD
40. IBN MARYAM BDC LTD
41. JOURNEY WELL BDC LTD
42. KEEPERS BDC LTD
43. KHADHOUSE SOLUTIONS BDC LTD
44. KIMMELFX BDC LTD
45. KINGSOFT ATLANTIC BDC LTD
46. M.S. ALHERI BDC LTD
47. MASTERS BDC LTD
48. MCMENA BDC LTD
49. MKOO BDC LTD
50. MKS BDC LTD
51. MR J GOLF BDC LTD
52. MUSDIQ BDC LTD
53. MZ FOREX BDC LTD
54. NEJJ BDC LTD
55. NETVALUE BDC LTD
56. NEW WAVE BDC LTD
57. NOTABLE AND KINGSTON BDC LTD
58. PILCROW BDC LTD
59. RAPID BDC LTD
60. RIGHTWAY BDC LTD
61. RWANDA BDC LTD
62. SABLES BDC LTD
63. SAFETRANZ BDC LTD
64. SAMFIK BDC LTD
65. SEVENLOCKS BDC LTD
66. SHAPEARL BDC LTD
67. SIMTEX BDC LTD
68. SOLID WHITE BDC LTD
69. ST. NICHOLAS GLOBAL BDC LTD
70. TOPFIRST UNIQUE MULTICHOICE BDC LTD
71. TOPGATE BDC LTD
72. TRAVELLER’S CHOICE BDC LTD
73. TUCA GLOBAL BDC LTD
74. TURBOVA BDC LTD
75. TURN-UP BDC LTD
76. UNIGO BDC LTD
77. VICTORY AHEAD BDC LTD
78. WHITEWAY WWW BDC LTD
79. YUND GLOBAL LINK BDC LTD
80. ZAMAD FOREX BDC LTD
Market Context and Expert Reaction
The 2024 guidelines, effective from June 3, 2024, forced all former BDCs to reapply after the CBN revoked over 4,000 licences earlier in the year for failing to pay fees or meet reporting rules. Out of hundreds that attempted to comply, only these 82 passed the final vetting so far. More may follow as the CBN continues reviewing applications, but the bar remains high—excluding banks and fintechs from direct BDC licensing.
Financial analysts have largely welcomed the move. “This drastic consolidation is a necessary shock therapy for the retail forex market,” said Kalu Aja, a Lagos-based financial analyst. “It prioritizes transparency and capital adequacy over proliferation. However, the immediate challenge will be ensuring adequate geographic coverage and access, especially with only 80 operators limited to single states.”
The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, acknowledged the rigorous process in a brief statement, urging the newly licensed members to “uphold the highest standards of professionalism to rebuild public trust in the sector.”
Clear Guidance for the Public
Nigerians now have a clear, verified list to work with. Before changing dollars for travel, school fees, or medical bills, check the CBN website first. The bank warned: “The CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website.”
This tight control is part of the bigger plan to close gaps between official and parallel market rates, combat round-tripping, and bring sanity back to forex trading across the country. With only 82 licensed BDCs now active, the era of roadside forex hustlers is shrinking fast.
The CBN has drawn the line: stick to the list, or stay away.
