 has granted final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework.){kind=link}
CBN Licenses 82 BDCs, Warns Public Against Illegal FX Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework, cautioning Nigerians against doing business with unregistered foreign exchange dealers.
The approval was announced in a statement on Monday by the Acting Director of Corporate Communications, Hakama Sidi-Ali. According to the CBN, the licences became effective on November 27, 2025, consistent with 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 licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement said.
The apex bank emphasised that only BDCs listed on its official website are authorised to operate and urged the public to verify the licensing status of any operator before carrying out foreign exchange transactions.
“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,” it warned.
The regulator noted that operating a BDC without a valid licence is an offence punishable under Section 57(1) of BOFIA 2020, adding that it will initiate legal action against illegal operators to protect market integrity.
The licensing round forms part of the CBN’s broader reforms aimed at sanitising the foreign exchange market, enhancing transparency, and ensuring that only credible and fully compliant operators participate in the sector.
Economic Confidential reports that under the revised guidelines, which took effect in June 2024, all BDCs were required to reapply for Tier 1 or Tier 2 licences and meet new capital requirements N2 billion for Tier 1 and N500 million for Tier 2 alongside non-refundable licence fees of N5 million and N2 million, respectively.