The Central Bank of Nigeria (CBN) has officially granted final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework, effective November 27, 2025.
This latest approval comes after the CBN’s comprehensive review of BDC operations, in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for BDCs.
Under the new framework, operators were required to meet capital and compliance requirements, depending on their licence tier, with Tier 1 BDCs required to maintain a minimum capital of N2 billion and Tier 2 BDCs N500 million.
The approval follows a major regulatory overhaul in March 2024, when the CBN revoked licences of 4,173 BDCs for non-compliance, reducing the number of active operators from thousands to around 1,517.
The CBN has warned the public to engage only with licensed operators, noting that dealing with unlicensed BDCs constitutes a criminal offence under Section 57(1) of BOFIA 2020. The Bank emphasized that it will regularly update the public list of authorised operators on its official website to aid verification.
The full list of the 82 approved BDCs has been published by several media outlets, and the public is encouraged to consult the CBN’s official website for the most accurate information. Visit www.jocomms.com for more news.
