The Central Bank of Nigeria (CBN) has published a new list of licensed bureaux de change (BDCs) authorised to operate in the country. This follows the revised guidelines requiring all operators to reapply for new licences under a new capital structure.

According to a press release signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, only 82 BDCs listed on the CBN website are approved to operate with effect from November 27, 2025.

The apex bank had earlier introduced a directive that asked all BDC operators to reapply for new licences by June 3, 2024, as part of the Revised Regulatory and Supervisory Guidelines for BDC Operations. The goal, the CBN said, is to strengthen the BDC sub-sector and make it more effective in supporting Nigeria’s foreign exchange market.

BDCs are grouped into two categories with different capital requirements:

• Tier 1 BDCs must have a minimum capital of N2 billion. They are also required to pay a non-refundable application fee of N1 million and a licence fee of N5 million.
• Tier 2 BDCs must have at least N500 million in capital, with an application fee of N250,000 and a licence fee of N2 million.

The CBN stated that the final approval of the 82 operators is based on its powers under BOFIA 2020 and the 2024 BDC guidelines.

The bank also said it will continue to update the public list of licensed BDCs for verification. It warned Nigerians to avoid dealing with unlicensed foreign exchange operators, stressing that running a BDC business without a valid licence is an offence punishable under Section 57(1) of BOFIA 2020.

In short, the CBN is urging the public to verify any BDC before transacting, as only licensed operators on its official list are legally allowed to offer such services.