Central Bank of Nigeria Licenses 82 BDCs

The Nigeria — Central Bank of Nigeria has issued final operating licenses to 82 Bureaux De Change (BDCs) under its revised 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria, effective November 27, 2025. This initiative is part of the Nigeria — Central Bank of Nigeria's broader efforts to sanitize the foreign exchange market, enhance transparency, and ensure that only credible players operate in the sector. The Nigeria — Central Bank of Nigeria has cautioned the public against dealing with unlicensed foreign exchange operators and has promised legal action against those operating without valid licenses, as stipulated by Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. The new guidelines require BDCs to meet minimum capital requirements of N2 billion for Tier 1 and N500 million for Tier 2, along with non-refundable license fees. The Nigeria — Central Bank of Nigeria will continue to update the list of licensed BDCs on its official website for public verification.