Picnews
The Central Bank of Nigeria (CBN) has granted final licenses to 82 Bureaux De Change (BDCs) to operate in the country, effective November 27, 2025. This move is part of the CBN’s efforts to strengthen transparency and stability in the foreign exchange market. The approved BDCs are categorized into two tiers: Tier 1 and Tier 2. Tier 1 BDCs, which include Dula Global BDC Ltd and Trurate Global BDC Ltd, can operate across all 36 states and the Federal Capital Territory. Tier 2 BDCs, on the other hand, can operate in one state with up to five branches.
The CBN has warned the public to only deal with licensed BDCs, as operating without a license is a punishable offense under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. The apex bank will continue to update the list of approved BDCs on its website for public verification. This move aims to clean up Nigeria’s informal foreign exchange market and reduce illegal operations.
The CBN had previously revoked the licenses of 4,173 BDC operators for regulatory non-compliance in March 2024, leaving around 1,517 licensed BDCs. The new guidelines, effective June 3, 2024, require BDC operators to reapply for new licenses and meet specific capital requirements. Tier 1 BDCs must have a minimum capital base of N2 billion, while Tier 2 BDCs require N500 million
The approved BDCs have met the necessary requirements, including payment of non-refundable license fees of N5 million for Tier 1 and N2 million for Tier 2. The CBN’s move is expected to boost confidence in the foreign exchange market and promote stability. The list of approved BDCs includes Abbufx BDC Ltd, Acha Global BDC Ltd, Arctangent Swift BDC Ltd, and many others .
The CBN’s regulatory framework aims to ensure that only credible and compliant operators participate in the foreign exchange market. The apex bank has emphasized the importance of transparency and accountability in the market. The public is advised to verify the licensing status of BDCs on the CBN’s website before conducting any transactions.
The CBN’s efforts to regulate the foreign exchange market are part of its broader strategy to promote economic stability and growth. The approved BDCs are expected to play a significant role in promoting foreign exchange transactions and contributing to the country’s economic development .
