By Nchetachi Chukwuajah
The Central Bank of Nigeria (CBN) has issued final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework.
This was contained in a statement released on Monday, December 8, and signed by the CBN’s acting Director of Corporate Communications 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.
The statement read: “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.”
The CBN also cautioned the public against dealing with unlicensed foreign exchange operators, warning that only BDCs listed on its official website are recognised as licensed operators, urging the public to verify the status of any BDC before transacting.
It added: “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 CBN further 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.
According to the apex bank, the licensing exercise is part of its broader efforts to sanitise the foreign exchange market, enhance transparency, and ensure that only credible players operate in the sector.
The 2024 guidelines became effective in June 2024 following the CBN’s six-month extension of the deadline from December 3, 2024, to June 3, 2025 due to a low level of compliance.
Under the new guideline, all BDCs are required to reapply for Tier 1 or Tier 2 licences and meet minimum capital requirements.
BDCs were required to maintain a minimum capital of N2 billion for Tier 1 and N500 million for Tier 2, in addition to non-refundable license fees of N5 million and N2 million, respectively.
