CBN grants operational licence to 82 BDCs

The Central Bank of Nigeria (CBN) has approved operational licences for 82 Bureau De Change (BDC) operators under the revised regulatory guidelines, effective November 27, 2025. The approval follows the May 22, 2024, directive requiring all existing BDCs to reapply for new licences in line with updated operational and capital requirements. Many operators had earlier […]

The Central Bank of Nigeria (CBN) has approved operational licences for 82 Bureau De Change (BDC) operators under the revised regulatory guidelines, effective November 27, 2025.

The approval follows the May 22, 2024, directive requiring all existing BDCs to reapply for new licences in line with updated operational and capital requirements.

Many operators had earlier expressed concern that the new capital thresholds could force them out of business.

In a circular issued on Monday, the apex bank announced that only BDCs listed on its website are authorised to operate from the effective date.

It added that the list would be updated continuously to allow the public to verify licensed operators.

The CBN reiterated that running a BDC without a valid licence constitutes an offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The bank warned the public to avoid unlicensed foreign exchange dealers and report any suspicious operations.