The Central Bank of Nigeria (CBN) granted final operating licences to 82 Bureaux de Change (BDCs) with effect from 27 November, as the regulator continued its overhaul of the retail foreign-exchange market.
In a public notice issued on Monday and signed by its spokesperson Hakama Ali, the bank said only the BDCs listed on its website were authorised to buy and sell foreign currency.
The CBN said the licences were issued under BOFIA and the Regulatory and Supervisory Guidelines for Bureaux de Change Operations released in 2024. Those guidelines formed part of a wider tightening of FX rules, including higher capital thresholds, stricter documentation requirements and closer monitoring of transactions.
“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,” it said.
The bank advised the public to avoid unlicensed operators and reminded them that running a BDC business without approval was an offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The BDC sub-sector had undergone a major clean-up over the past two years, after the central bank revoked the licences of thousands of operators for non-compliance with reporting standards and anti-money-laundering obligations. The regulator said at the time that the proliferation of unregulated dealers contributed to market distortions and reduced transparency.
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The new licensing regime is part of efforts to draw more FX activity into formal channels and reduce pressure on the parallel market, where currency trading often occurs outside official oversight.
In May 2024, the CBN issued new guidelines for Bureaux de Change and requested that all operators reapply for licences under stricter rules. The framework introduced a two-tier system, with Tier-1 BDCs required to hold a minimum capital base of N2 billion, while Tier-2 operators must maintain a capital base of N500 million. Application fees were set at N1 million for Tier 1 and N250,000 for Tier 2, with licensing fees of N5 million and N2 million, respectively.
The guidelines gave Tier-1 BDCs permission to operate nationwide and open franchises subject to CBN approval.
They also barred all BDCs from activities such as derivatives trading, outward international transfers, receiving remittances and any dealings involving crypto assets.
