The Central Bank of Nigeria (CBN) has issued final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework.
In a statement released on Monday, signed by its acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank said the licences took effect from November 27, 2025, under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
BDCs are instrumental to the foreign exchange market, as their activity could help regulate demand and cover supply deficits.
The apex lender also cautioned the public against dealing with unlicensed foreign exchange operators.
“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 licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” a part of the statement read.
The central bank stressed that only BDCs listed on its official website are recognised as licensed operators and urged the public to verify the status of any BDC before transacting.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences 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 licence is punishable under Section 57(1) of the BOFIA 2020 and promised legal action against illegal operators.
This licensing exercise is part of CBN’s broader efforts to sanitise the foreign exchange market as well as enhance transparency, and ensure that only credible players operate in the sector.
A 2024 guideline, which became effective in June 2024, requires all BDCs to reapply for Tier 1 or Tier 2 licences and meet minimum capital requirements, N2 billion for Tier 1 and N500 million for Tier 2, alongside non-refundable license fees of N5 million and N2 million, respectively.