The Central Bank of Nigeria has granted full operating licences to 82 Bureaux De Change under its updated regulatory framework, while warning the public not to transact with unlicensed foreign exchange dealers.
In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN confirmed that the licences took effect on November 27, 2025, in line with the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
According to the statement, “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 CBN emphasised that only BDCs listed on its official website are recognised as authorised operators. It advised Nigerians to always confirm the status of any BDC before conducting transactions.
The statement further noted, “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 apex bank added that running a BDC without a valid licence is a punishable offence under Section 57(1) of BOFIA 2020, and it vowed to take legal action against those found operating illegally.
This licensing move forms part of the CBN’s broader push to clean up the foreign exchange market, improve transparency, and ensure that only credible operators remain active in the sector.
Under the 2024 guidelines, which became effective in June 2024, all BDCs were required to reapply for licences under either Tier 1 or Tier 2 categories and meet new capital requirements. Tier 1 operators must hold a minimum capital of N2 billion, while Tier 2 operators must hold N500 million. In addition, they must pay non-refundable licence fees of N5 million for Tier 1 and N2 million for Tier 2.
