The Central Bank of Nigeria (CBN) has issued final operating licenses to 82 Bureaux De Change (BDCs) under its updated regulatory framework, while cautioning the public against dealing with unlicensed foreign exchange operators.
In a statement released on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank confirmed that the licenses took effect from November 27, 2025. The approvals followed the provisions of the 2024 Regulatory and Supervisory Guidelines for BDC operations in Nigeria.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licenses to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
CBN emphasised that only BDCs listed on its official website are officially recognised as licensed operators. Members of the public are urged to verify the licensing status of any BDC before conducting any transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licenses for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
The bank also noted that operating a BDC without a valid license is an offence punishable under Section 57(1) of BOFIA 2020. CBN assured it would take legal measures against illegal operators to safeguard the integrity of the foreign exchange market.
This licensing exercise forms part of CBN’s ongoing efforts to sanitise the foreign exchange sector, promote transparency, and ensure that only credible participants operate within the market.
The 2024 guidelines, effective since June 2024, mandate all BDCs to reapply for either Tier 1 or Tier 2 licenses. The framework requires a minimum capital of N2 billion for Tier 1 licenses and N500 million for Tier 2, alongside non-refundable license fees of N5 million and N2 million respectively.
The CBN’s renewed regulatory approach aims to strengthen the BDC sector, enhancing accountability and stability in Nigeria’s foreign exchange market.
