The Central Bank of Nigeria (CBN) has granted Final Licenses to 82 Bureau De Change (BDCs) to operate, effective from November 27, 2025, marking the conclusion of a major recapitalisation and re-licensing exercise in the foreign exchange market.
The CBN confirmed the development in a statement signed by Hakama Sidi Ali, the Acting Director of Corporate Communications, warning the public to deal only with the newly authorised operators.
The re-licensing was carried out under the powers conferred on the apex bank by the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.
The move follows the CBN’s decision in May 2024 to withdraw all existing BDC licenses, directing operators to re-apply for fresh permits under a new tiered structure designed to strengthen the sector and boost liquidity.
Under the new guidelines, BDC operators were required to re-apply for either of two categories: Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.
Existing operators were given a six-month window from the effective date of the Guidelines to meet the minimum capital requirements for their chosen license category.
The CBN stressed that only the 82 Bureau De Change listed on its official website are authorised to operate from the effective date, November 27, 2025.
The apex bank issued a stern warning against patronising unapproved forex dealers, stating that it will continue to update the list for public verification.
“For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. Members of the public are hereby advised to note and be guided accordingly,” the statement read.
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