The Central Bank of Nigeria (CBN) has confirmed the issuance of final operating licenses to 82 Bureaux De Change (BDCs) under its revised 2024 Regulatory and Supervisory Guidelines, ushering in a new era of transparency and resilience in Nigeria’s retail foreign exchange market.
In a statement signed by Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said the licenses took effect from November 27, 2025, and only operators listed on its official website are authorised to conduct business. The CBN stressed that operating without a valid license constitutes a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The licensing milestone follows the CBN’s recapitalisation drive, which raised minimum capital requirements in May 2024 to N2 billion for Tier 1 BDCs and N500 million for Tier 2 BDCs, up from the previous N35 million threshold. The reforms, according to the Bank, are designed to strengthen oversight, curb illicit financial flows, and ensure that only well-capitalised operators participate in the market.
It states: “The Central Bank of Nigeria (CBN), in exercise of its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines), has granted Final Licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025.
“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date. 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.
“For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. Members of the public are hereby advised to note and be guided accordingly.”
