(DDM) – The Central Bank of Nigeria (CBN) has granted final operating licenses to 82 Bureaux De Change (BDCs) across the country.
Diaspora Digital Media (DDM) gathered that the licenses are effective from November 27, 2025, following compliance with the Bank and Other Financial Institutions Act (BOFIA) 2020.
The CBN issued the licenses under the 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria.
According to the apex bank, only BDCs listed on its official website are authorized to operate from the effective date.
The central bank advised the public to avoid dealings with unlicensed foreign exchange operators, emphasizing the legal consequences of operating without a valid license.
“For the avoidance of doubt, operating a Bureau De Change business without a valid license is a punishable offense under Section 57(1) of BOFIA 2020,” the statement read.
The CBN explained that the final licensing follows a process initiated in May 2024, when all previous BDC licenses were withdrawn, requiring operators to reapply for fresh permits.
BDCs were required to apply under one of two categories: Tier One, with a minimum capital of ₦2 billion, or Tier Two, with a minimum capital of ₦500 million.
The bank allowed operators six months from the release of the guidelines to submit their applications for new licenses.
The draft guidelines were initially released in February 2024 to allow stakeholder input before final approval.
“Following the conclusion of stakeholder consultations and in exercise of the powers conferred by Section 56 of BOFIA 2020, the CBN hereby issues the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria 2024 for compliance,” the bank stated.
The guidelines mandate all BDC operators to reapply according to their chosen tier, ensuring compliance with capital and operational standards.
Industry analysts say the licensing move is aimed at stabilizing the foreign exchange market and curbing illegal forex operations that undermine the naira.
DDM reports that the approval of these 82 BDCs signals a regulatory reset, promoting transparency and ensuring that only financially credible operators can engage in foreign currency transactions.
The CBN will continue to update the list of licensed BDCs for public verification to maintain accountability in the sector.
Experts emphasize that strict adherence to the new licensing guidelines is critical for curbing market malpractice and protecting investors and consumers.
The renewed licensing framework is also seen as part of the apex bank’s broader financial reforms to strengthen Nigeria’s banking and forex ecosystem.
Officials noted that the new regulations enhance supervisory oversight, enabling the CBN to monitor and sanction any operator that violates the law.
This initiative underscores the central bank’s commitment to a structured, transparent, and legally compliant BDC sector across Nigeria.
The licensed BDCs will now be allowed to operate openly, providing foreign exchange services under regulated conditions that align with national financial stability objectives.
The move is expected to boost confidence in Nigeria’s forex market while discouraging unregulated currency trading that has previously caused volatility.
Stakeholders say that as the BDC sector formalizes, investors and consumers will benefit from improved service reliability and safer transactions.
The CBN reiterated that all operators must strictly follow the tier requirements and other provisions in the guidelines to maintain their licensing status.