CBN Confirms 82 BDCs Fully Licensed Under Revised 2024 Guidelines
The Central Bank of Nigeria (CBN) has announced the approval and issuance of final licences to 82 Bureaux De Change (BDCs) to operate in the country effective November 27, 2025. The move, made under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for BDC Operations, marks a major step in the apex bank’s ongoing reforms of Nigeria’s foreign exchange market.
In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the Bank clarified that only the BDCs listed on its official website are authorised to conduct operations from the effective date. The CBN also stated it will continually update the list of BDCs with valid operating licences to allow the public verify their status directly on its website.
The apex bank cautioned Nigerians against dealing with unlicensed foreign exchange operators, warning that operating a Bureau De Change business without a valid licence is a criminal offence under Section 57(1) of BOFIA 2020. It urged members of the public to take note of the update and conduct all forex transactions only through approved channels.
The Bank emphasised that the enforcement of the revised guidelines and strict licensing regime forms part of efforts to sanitise the sector, strengthen regulatory oversight, and ensure transparency in Nigeria’s forex market.
