Retail forex traders, also known as Bureau De Change (BDC) operators, have expressed optimism that more final operating licences will be issued soon by the Central Bank of Nigeria (CBN), following the release of an initial list of 82 approved operators under its revised regulatory framework.
The approval, which was announced on December 8, 2025, marks a key milestone in the CBN’s ongoing effort to reform and sanitize Nigeria’s retail foreign exchange market.
However, many operators say the figure is only a fraction of the total number of applications submitted and capital raised so far, with expectations that additional approvals will follow in the coming weeks.
In May 2024, the CBN introduced new capital requirements for BDC operators: N2 billion for a Tier-1 licence, and N500 million for a Tier-2 licence, compared to the previous threshold of N35 million under the former general licensing regime.
Tier-1 BDCs are permitted to operate nationally, while Tier-2 operators are restricted to activities within a single state.
The new structure was introduced under the CBN’s revised Regulatory and Supervisory Guidelines for BDC Operations, following consultations with stakeholders and in accordance with Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
While the guidelines led to a sharp reduction in the number of eligible operators, stakeholders say the licensing process is still ongoing, and more operators are expected to receive final approval soon.
Speaking exclusively to Naijaonpoint, Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), clarified that the 82 approved operators are only the first set of applicants who had completed the process at the time the circular was issued.
So, these are the first set of people who had paid at the time the circular came out.
Many others have paid, and the window is still open. However, I think it’s still very small.”
He added that the number of operators that have met the requirements is already greater than the 82 published by the CBN, with expectations of further approvals.
The new regulatory framework has significantly reshaped the BDC sector. According to Gwadebe, thousands of operators were already delisted for failing to meet compliance requirements even before the recapitalisation policy took effect.