The Central Bank of Nigeria (CBN) has issued final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework, cautioning Nigerians against transacting with unlicensed foreign exchange dealers.
In a statement released Monday, Acting Director of Corporate Communications, Hakama Sidi-Ali, said: “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 apex bank stressed that only BDCs listed on its official website are recognized as licensed operators. “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 statement warned.
The bank further noted that operating a BDC without a valid licence is punishable under Section 57(1) of BOFIA 2020. “The Bank will not hesitate to take legal action against illegal operators,” it added.
This licensing exercise, according to the CBN, is part of broader reforms aimed at sanitizing the foreign exchange market, enhancing transparency, and ensuring only credible players remain in the sector.
The 2024 guidelines, which took effect in June 2024, require all BDCs to reapply for Tier 1 or Tier 2 licences. Tier 1 operators must meet a minimum capital requirement of ₦2 billion and pay a non-refundable licence fee of ₦5 million, while Tier 2 operators are required to hold ₦500 million in capital and pay ₦2 million.
 has issued final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework){kind=link}