The Central Bank of Nigeria (CBN) has confirmed that only 82 Bureaux De Change (BDCs) have so far been granted final licences to operate nationwide, having met the stringent requirements of its revised regulatory guidelines.
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This was disclosed in a statement issued on Monday by the Acting Director of Corporate Communications at the CBN, Hakama Ali.
The apex bank noted that the newly licensed BDCs are the only operators officially recognised with effect from 27 November 2025.
According to the CBN, the approvals were granted under the provisions of the Banks and Other Financial Institutions Act 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.
The new regulatory framework, introduced in February 2024, requires Tier 1 BDC operators to meet a minimum capital base of N2 billion, while Tier 2 operators must meet an MCR of N500 million.
“Only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date. The CBN will continue to update the list of BDCs with valid operating licences for public verification on our website. The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” Ali stated.
She also warned that running a BDC operation without a valid licence is an offence punishable under Section 57(1) of the Banks and Other Financial Institutions Act 2020.
Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) has raised concerns that millions of Nigerians may lose their livelihoods as many BDCs struggle to meet the new capital requirements. ABCON President, Aminu Gwadebe, said operators have considered merger options but many still face difficulties meeting the new thresholds set by the apex bank.
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