The Central Bank of Nigeria (CBN) has formally approved a new set of 82 Bureaux de Change (BDC) operators to commence operations effective November 27, 2025. This move marks another significant phase in the apex bank’s ongoing restructuring of the foreign exchange ecosystem.
In a statement released on Monday in Abuja, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, explained that the licensing exercise was executed in accordance with provisions of the Bank and Other Financial Institutions Act (BOFIA) 2020.
She further noted that the measure aligns with the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria (2024).
According to her, “only the BDC operators whose names have been published on the Bank’s official website are permitted to operate from the effective date.”
Sidi-Ali added that the list will be continuously updated on the CBN website for transparency and public verification, urging Nigerians to refrain from engaging with operators who are not properly licensed.
She emphasized that running a BDC outfit without a valid operational licence constitutes an offence punishable under Section 57(1) of BOFIA 2020.
“The public is advised to remain vigilant and ensure they transact only with authorised operators,” she said.
Nigeria once had approximately 5,690 registered BDCs. However, on March 1, 2024, the CBN revoked licences belonging to 4,173 operators over multiple regulatory breaches.
The mass revocation reduced the number of approved BDCs to about 1,517, before the latest screening further streamlined the list to 82 final licensees, marking a major shift in the country’s FX market regulation landscape.
 has formally approved a new set of 82 Bureaux de Change (BDC) operators to commence operations effective November 27, 2025. This move marks another significant phase in the apex bank’s ongoing restructuring of the foreign exchange ecosystem.){kind=link}