CBN issues final licences to 82 BDCs

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDCs), marking a major step forward in its ongoing reforms of the foreign exchange market.

According to the apex bank, the licences—effective from November 27, 2025—signify the completion of a key phase in its efforts to strengthen regulation, improve transparency, and enhance stability within the FX sector.

In a statement released on Monday, the Acting Director of Corporate Communications, Hakama Sidi Ali (Mrs.), said the approval was issued “in exercise of its powers conferred under the Banks and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.”

She explained that with the effective date now in force, “only Bureaux De Change listed on the Bank’s website are authorised to operate,” adding that the public should rely solely on the official list when dealing with currency exchange operators.

Sidi Ali said the CBN would “continue to update the list of Bureaux De Change with valid operating licences for public verification on our website,” reiterating the apex bank’s growing concern over the activities of unregulated foreign exchange dealers.

She cautioned that members of the public should “avoid dealing with unlicensed Foreign Exchange Operators,” warning that such engagements expose individuals and businesses to significant financial risks.

Citing the legal framework governing BDC operations, the CBN reminded the public that operating a Bureau De Change without proper authorisation constitutes a criminal offence. “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,” the statement read.

The apex bank urged Nigerians to “note and be guided accordingly,” as the updated regulatory regime seeks to strengthen transparency, sanitise the foreign exchange market, and streamline the operations of currency dealers under stricter compliance standards.