LunagisthubCBN Approves 82 Licensed BDCs, Warns Against Dealing with Unlicensed Operators
The Central Bank of Nigeria (CBN) has granted final operating licenses to 82 Bureaux De Change (BDCs) under its revised regulatory framework. The licenses, which took effect on November 27, 2025, are part of the CBN’s efforts to sanitize the foreign exchange market and enhance transparency .
The CBN has warned the public against dealing with unlicensed foreign exchange operators, stressing that only BDCs listed on its official website are recognized as licensed operators. The apex bank has also promised to take legal action against illegal operators, noting that operating a BDC without a valid license is punishable under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 .
The 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria require all BDCs to meet minimum capital requirements of N2 billion for Tier 1 and N500 million for Tier 2, alongside non-refundable license fees of N5 million and N2 million, respectively. The guidelines aim to ensure that only credible players operate in the sector .
The CBN has advised the public to verify the status of any BDC before transacting. The list of licensed BDCs can be found on the CBN’s official website, and the apex bank has promised to regularly update the list to reflect any changes .
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