The Central Bank of Nigeria (CBN) has issued Final Licenses to 82 Bureau De Change (BDC) operators, effective November 27, 2025, marking the completion of a major recapitalisation and re-licensing exercise in the foreign exchange market.

The development was confirmed in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications, who advised the public to transact only with the newly authorised operators.

The re-licensing process was conducted under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations. This followed the CBN’s May 2024 directive withdrawing all existing BDC licences and requiring operators to reapply under a strengthened tiered structure aimed at improving liquidity and sanitising the sector.

Under the revised guidelines, operators were required to obtain either a Tier One licence with a minimum capital base of ₦2 billion or a Tier Two licence requiring ₦500 million. A six-month window was provided for compliance.

The apex bank emphasised that only the 82 BDCs listed on its official website are authorised to operate from November 27, 2025, and warned the public against dealing with unlicensed foreign exchange dealers.

“Operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the BOFIA 2020. Members of the public are hereby advised to note and be guided accordingly,” the statement added.

The CBN also noted that the approved list will be updated regularly for public verification.