Business News
82 Bureaux De Change get final approval as CBN tightens FX regulations
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework, while warning Nigerians to steer clear of unlicensed foreign exchange dealers.
The announcement was made on Monday in a statement signed by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, who disclosed that the approvals took effect from November 27, 2025, in line with the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
According to the apex bank, the licences were issued pursuant to the powers conferred on it under the Banks and Other Financial Institutions Act (BOFIA) 2020.
“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 bank added that only the BDCs published on its official website should be regarded as legally recognised operators, urging the public to always verify the licence status of any dealer 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,” the statement noted.
It further warned that running a BDC without proper authorisation remains a criminal offence under Section 57(1) of BOFIA 2020, with the apex bank vowing to clamp down on violators.
The licensing exercise forms part of broader reforms aimed at sanitising Nigeria’s foreign exchange market, improving transparency and ensuring that only credible, adequately capitalised operators participate in the sector.
Under the new 2024 guidelines, all BDCs were directed to reapply for Tier 1 or Tier 2 licences, with minimum capital requirements of N2 billion and N500 million respectively, in addition to non-refundable licence fees of N5 million for Tier 1 and N2 million for Tier 2.
Follow Us on Google Discover
Unknown gunmen abduct COCIN Pastor’s wife, three children in Borno
2027: APC commences candidate upload on INEC portal
Choirmaster gets 25-year jail term for assaulting teen member during ‘church deliverance’
10 things to know about Oyinkansola Badejo-Okusanya, new NBA President
BREAKING: Oyinkansola Badejo-Okusanya elected 33rd NBA President
Mbappé makes history, Saka nets hat-trick as England clinch World Cup bronze with thrilling 6-4 victory over France
Gombe 2027: PDP aspirant withdraws court case, backs Pantami
Arabic Education should be integrated into national curriculum – Gov. Bala Mohammed
Obi/Kwankwaso ticket cannot win 2027 elections, NDC lone senator, Hanga says as he plots defection to APC
UNICAL moves to curb exam fraud, sacks eight staff, penalizes one
TCN announces power blackout in Yobe, Bauchi, Gombe, three other Northern states
Police nab eight suspected cultists over alleged assault on Bayelsa Varsity student
Tems makes history as first African female artist with US Diamond-certified single
Imo now one-party state, our people have decided to re-elect Tinubu in 2027, Says Uzodimma
Court sentences two men to death by hanging for raping, murdering 17-year-old girl in Anambra
APC crisis deepens as Aiyedatiwa’s loyalists sue party, INEC over Ondo primaries
TCN announces power blackout in Yobe, Bauchi, Gombe, three other Northern states
Court sentences two men to death by hanging for raping, murdering 17-year-old girl in Anambra
Mbappé makes history, Saka nets hat-trick as England clinch World Cup bronze with thrilling 6-4 victory over France
Imo now one-party state, our people have decided to re-elect Tinubu in 2027, Says Uzodimma
Obi/Kwankwaso ticket cannot win 2027 elections, NDC lone senator, Hanga says as he plots defection to APC
Court dismisses suit seeking INEC recognition of Turaki-led PDP interim NWC
Arabic Education should be integrated into national curriculum – Gov. Bala Mohammed
Kano Senator Rufa’i Hanga meets Gov Yusuf, finalizes move to join APC
My husband suffering political prosecution – El-Rufai’s wife Asia reports husband’s detention to international community
Kebbi 2027: ADC Guber candidate Abubakar Malami names Musa Zagi as running mate
Trump criticises Tuchel’s tactics after England’s World Cup exit to Argentina
BREAKING: Oyinkansola Badejo-Okusanya elected 33rd NBA President
NUJ FCT Chairman Grace Ike wins Beacon of Education Award, pledges support for children with special needs
