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The Central Bank of Nigeria (CBN) has granted licences to 82 bureau de change (BDC) operators to function under its revised regulatory framework, effective from November 27, 2025. The move formalizes the operations of these foreign exchange operators in line with updated guidelines aimed at enhancing transparency and compliance in the sector.
The licences follow the CBN’s issuance of new regulatory guidelines for BDC operations on May 22, 2024. The guidelines were developed after consultations with stakeholders and require all existing BDC operators to reapply for approval under the revised framework. This process ensures that only compliant operators are authorized to conduct foreign exchange transactions in Nigeria.
In a circular released on Monday, the apex bank stated that only BDCs listed on its official website are permitted to operate from the November 27 effective date. The announcement is intended to prevent unlicensed operations and reinforce the central bank’s commitment to maintaining a stable and transparent foreign exchange market.
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The CBN’s updated guidelines cover operational standards, capital requirements, reporting obligations, and other compliance measures for BDCs. By licensing operators under this framework, the central bank aims to improve oversight, reduce illicit transactions, and strengthen confidence in the foreign exchange sector.
Industry observers note that the move is part of a broader strategy by the CBN to formalize the BDC sector, which plays a critical role in facilitating currency exchange for individuals, businesses, and investors. The licensing exercise is expected to enhance accountability, promote financial stability, and align BDC operations with national economic objectives.
CBN officials have urged members of the public and corporate entities to transact only with licensed BDCs, highlighting that operators not listed on the official website will be considered illegal and subject to regulatory sanctions.
The licensing of 82 BDCs marks a significant milestone in the ongoing reform of Nigeria’s foreign exchange market. By enforcing compliance and transparency, the CBN seeks to curb malpractices, ensure proper documentation of transactions, and safeguard the interests of both operators and clients in the currency exchange ecosystem.
The apex bank has reaffirmed its commitment to regular monitoring and evaluation of BDC activities to ensure adherence to regulations and maintain stability in the financial system. Stakeholders are encouraged to consult the CBN’s official channels for the updated list of authorized operators and related operational guidelines.
