CBN grants full licences to 82 BDCs

The Central Bank of Nigeria (CBN) has formally approved a fresh batch of 82 Bureau De Change (BDC) operators, granting them full licences to operate within the country’s foreign exchange market.

The announcement was made in a statement issued by the Acting Director of Corporate Communications, Dr Sidi-Ali Hakama, who cautioned Nigerians against transacting with currency traders that have not been officially certified.

According to the apex bank, the approvals were issued under its statutory mandate and in line with the recently updated regulatory framework for BDCs.

The statement read, “The CBN, in exercise of its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines), has granted final licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025.

“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed foreign exchange operators”.

The CBN also reaffirmed that the regularly updated list of authorised operators remains the only reliable source for verifying legitimate BDCs.