The Central Bank of Nigeria has granted final operating licences to 82 Bureaux De Change under its revised regulatory framework, while warning Nigerians to steer clear of unlicensed foreign exchange dealers.
In a statement on Monday, signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said the approvals took effect on November 27, 2025, in line with the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
The CBN noted that only BDCs listed on its official website are authorised to operate and urged members of the public to always verify the licensing status of any operator before engaging in transactions.
It reiterated that operating a BDC without approval is a criminal offence punishable under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, adding that it will take legal action against violators.
According to the bank, issuing the licences is part of broader efforts to sanitise the foreign exchange market, strengthen transparency, and ensure that only credible operators remain active in the sector.
Under the 2024 guidelines, which came into effect in June 2024, all BDCs were required to reapply for either Tier 1 or Tier 2 licences. The new capital requirements stipulate N2bn for Tier 1 operators and N500m for Tier 2, with non-refundable licensing fees of N5m and N2m, respectively.
