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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.
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