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.

FULL LIST OF NEWLY APPROVED BDCs BY CBN

TIER 1

1. Dula Global BDC Ltd

2. Trurate Global BDC Ltd

TIER 2

3. AbbuFX BDC Ltd

4. Acha Global BDC Ltd

5. Arctangent Swift BDC Ltd

6. Ascendant BDC Ltd

7. Baracai BDC Ltd

8. Bergpoint BDC Ltd

9. Bravo Model BDC Ltd

10. Brimestone BDC Ltd

11. Brownston BDC Ltd

12. Buzzwallet BDC Ltd

13. Cashcode BDC Ltd

14. Chattered BDC Ltd

15. Chronicles BDC Ltd

16. Cool Forex BDC Ltd

17. Corporate Exchange BDC Ltd

18. Courtesy Currency BDC Ltd

19. Danyaro BDC Ltd

20. Dashad BDC Lt

21. Deval BDC Ltd

22. DFS BDC Ltd

23. Easy Cash BDC Ltd

24. Elelem BDC Ltd

25. E-Lioyds BDC Ltd

26. Elogoz BDC Ltd

27. Enouf BDC Ltd

28. Ever Joj Gold BDC Ltd

29. Excel Rijiya Forex BDC Ltd

30. Fabforex BDC Ltd

31. Fellom BDC Ltd

32. Fine BDC Ltd

33. Fomat BDC Lt

34. Genelo BDC Ltd

35. Gentle Breeze BDC Ltd

36. Graceful Glory and Humility BDC Ltd

37. Greengate BDC Ltd

38. Greenvault BDC Ltd

39. Hazon Capital BDC Ltd

40. High-Point BDC Ltd

41. I & I Exchange BDC Ltd

42. Ibn Maryam BDC Ltd

43. Journey Well BDC Ltd

44. Keepers BDC Ltd

45. Khadhouse Solutions BDC Ltd

46. Kimmelfx BDC Ltd

47. Kingsoft Atlantic BDC Ltd

48. M.S. Alheri BDC Ltd

49. Masters BDC Ltd

50. Mcmena BDC Ltd

51. Mkoo BDC Ltd

52. MKS BDC Ltd

53. Mr J Golf BDC Ltd

54. Musdiq BDC Ltd

55. MZ Forex BDC Ltd

56. Nejj BDC Ltd

57. Netvalue BDC Ltd

58. New Wave BDC Ltd

59. Notable and Kingston BDC Ltd

60. Pilcrow BDC Ltd

61. Rapid BDC Ltd

62. Rightway BDC Ltd

63. Rwanda BDC Ltd

64. Sables BDC Ltd

65. Safetranz BDC Ltd

66. Samfik BDC Ltd

67. Sevenlocks BDC Ltd

68. Shapearl BDC Ltd

69. Simtex BDC Ltd

70. Solid White BDC Ltd

71. St. Nicholas Global BDC Ltd

72. TopFirst Unique Multichoice BDC Ltd

73. Topgate BDC Ltd

74. Traveller’s Choice BDC Ltd

75. Tuca Global BDC Ltd

76. Turbova BDC Ltd

77. Turn-Up BDC Ltd

78. Unigo BDC Ltd

79. Victory Ahead BDC Ltd

80. Whiteway WWW BDC Ltd

81. Yund Global Link BDC Ltd

82. Zamad Forex BDC Ltd