The Central Bank of Nigeria (CBN) has announced that, with effect from November 27, 2025, it has granted final licenses to 82 Bureaux De Change (BDCs) to operate in the country, indicating that the BDCs have met new capital requirements issued by the apex bank in 2024.
In a statement, the CBN said that the final licenses were granted to the BDCs in exercise of its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020, and the revised Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.
According to the list of the newly approved 82 BDCs published by the CBN, two of them are fully licensed as Tier 1 BDCs, in line with revised guidelines issued by the apex bank last year, while 80 are fully licensed as Tier 2 BDCs.
The apex bank emphasised in the statement that only BDCs listed on its website are authorised to operate from November 27, 2025.
The statement partly read: “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.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website (www.cbn.gov.ng), the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators.
“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.”
New Telegraph reports that in February 2024, the CBN issued revised Regulatory and Supervisory Guidelines for BDC operations in the country, which saw it raising the minimum capital requirements for BDC operators to N2 billion and N500 million for Tier 1 license and Tier 2 licence holders respectively, marking a departure from the previous threshold of N35 million for a general license.
Under the revised guidelines, Tier 1 BDCs may operate in any state of the federation and the Federal Capital Territory (FCT), while Tier 2 BDCs are permitted to operate only in one state of the federation or the FCT.
In May 2024, the CBN ordered all existing BDCs operators in the country and promoters of new entrants to reapply for new operating licenses of their choice.
In addition, the apex bank issued a six-month deadline for the BDCs to meet the new minimum capital requirements for the license category applied for from the effective date of the guidelines.
The regulator stated that the guidelines were part of its reforms to reposition the sub-sector to play its envisioned role in the country’s foreign exchange (FX) market.
Prior the CBN’s issuance of the revised guidelines, there were over 5,000 licensed BDCs operating in the country.
