The Central Bank of Nigeria has confirmed that 82 Bureaux De Change have been fully licensed under its revised guidelines, with the approval taking effect from November 27, 2025. The bank said on Monday that the move was carried out under the Bank and Other Financial Institutions Act 2020 and its 2024 guidelines for BDC operations. According to the notice, only the BDCs published on the CBN website are authorised to operate from the stated date.
The CBN also announced that it will continue to update the list of licensed operators online for public verification. It warned Nigerians to avoid engaging unlicensed foreign exchange dealers, stressing that running a BDC business without approval is an offence under Section 57(1) of the BOFIA Act 2020.
“Members of the public are hereby advised to note and be guided accordingly,” the statement signed by Acting Director of Corporate Communications, Hakama Sidi Ali, said.
This update follows increased enforcement against unlicensed operators in 2025. In February, a Lagos court sentenced a BDC operator to six months in prison for carrying out forex transactions without a valid licence. Authorities also intensified market cleanup earlier in the year when the Economic and Financial Crimes Commission arrested 13 suspected fake operators in Lagos over illegal currency trading.
Meanwhile, legitimate operators welcomed CBN support measures in January 2025, when the Association of Bureau de Change Operators of Nigeria praised the waiver of licence renewal fees for 2025. The group said the decision gave operators “more breathing room” to adjust to tougher capital requirements and compliance rules under the revised regulatory framework.
The CBN noted that these reforms aim to promote stability and transparency in Nigeria’s foreign exchange market, while ensuring that only authorised BDCs operate within the law.
