Apex bank enforces new regulatory framework as unlicensed operators face prosecution under BOFIA 2020.
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDCs) in line with its revised regulatory framework, while cautioning Nigerians to steer clear of unlicensed foreign exchange dealers.
The approval was disclosed on Monday in a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, who confirmed that the licences became effective on November 27, 2025, under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement said.
The apex bank emphasised that only BDCs listed on its official website are recognised as authorised operators and encouraged the public to verify the legitimacy of any BDC before conducting foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
The bank also reminded the public that operating a BDC without a valid licence is an offence under Section 57(1) of BOFIA 2020, adding that enforcement actions will be taken against violators.
The latest licensing round is part of the CBN’s ongoing reforms aimed at sanitising the FX market, improving transparency, and ensuring that only credible entities participate in the sector.
Under the 2024 guidelines, which took effect in June 2024, all BDCs were required to reapply for either Tier 1 or Tier 2 licences and meet stringent capital requirements, N2 billion for Tier 1 and N500 million for Tier 2 in addition to non-refundable licence fees of N5 million and N2 million, respectively.
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