The Central Bank of Nigeria has officially removed all legacy Bureau De Change (BDC) operators who did not comply with its revised licensing requirements by the November 30, 2025 deadline, effectively stripping them of their operating licences.
The policy update was detailed in a Frequently Asked Questions publication released on Tuesday via the apex bank’s official website. This clarification follows the bank’s confirmation on Monday that only 82 BDCs have so far met the updated regulatory benchmarks required for licensing under the new framework.
The CBN noted that the enforcement follows a prolonged compliance window initially set for six months—beginning June 3, 2024 and ending December 3, 2024—under the revised BDC guidelines. Subsequently, the apex bank granted a six-month extension, which expired on June 3, 2025, offering operators additional time to align with the new standards.
According to the CBN, the final deadline has now been implemented, and any BDC that failed to meet the stipulated requirements by November 30 is no longer recognised under Nigerian financial regulations.
“The Guidelines provided a transition timeline of six months from the effective date, 3 June 2024, with a deadline of 3 December 2024, for all existing BDCs to meet the requirements of the new Guidelines or lose their licence(s). However, the management of the CBN graciously extended this deadline by another six months, which ended 3 June 2025, to give ample time for as many legacy BDCs desirous of meeting the new requirements to do so.
Consequently, any legacy BDC that failed to meet the requirements of the new Guidelines as of 30 November 2025 has ceased to be a BDC, as its licence no longer exists,” the apex bank stated.
The CBN advised the public to refer to its website for the updated list of recognised BDCs in Nigeria.
In addition, the Central Bank emphasised that it will continue to entertain new applications via its Licensing, Approval and Requests Portal. However, approval remains subject to meeting stipulated criteria, and the bank maintains the discretion to suspend or halt further BDC licensing at any time.
The sweeping regulatory overhaul, introduced in February 2024, is part of a broader strategy to strengthen compliance, enhance transparency, and stabilise Nigeria’s foreign exchange market. Under the revised framework, Tier-1 BDCs must maintain a minimum capital base of N2bn, while Tier-2 operators are required to meet a capital threshold of N500m.
 operators who did not comply with its revised....){kind=link}