By Iyunade Grace
The Central Bank of Nigeria (CBN) has officially delisted a swath of Bureau de Change (BDC) operators that failed to meet the new licensing requirements, a move that follows the issuance of fresh licences to a much smaller cohort of compliant players. According to the Channels 24 report, only 82 BDCs have been granted the new permits, meaning they are the sole entities legally authorised to trade foreign exchange from now on. The delisting was announced on the CBN’s website and came into effect after a series of deadlines that gave non‑compliant operators ample time to regularise their status.
The regulatory overhaul began in February 2024 when the CBN introduced stricter capital thresholds – N2 billion for Tier‑1 BDCs and N500 million for Tier‑2 – alongside tougher governance and anti‑money‑laundering (AML) standards. Operators were initially given a six‑month window, later extended to a full year, to meet the requirements. The final deadline of 30 November 2025 marked the end of the grace period, after which any BDC still not on the approved list was removed from the official register.
In a frequently‑asked‑questions (FAQ) section posted on its portal, the CBN clarified that the licensing portal remains open for new applicants, but the apex bank reserves the right to suspend licence issuance at its discretion. This caveat signals that the regulator is prepared to tighten the market further if needed, especially as it seeks to curb illicit flows and improve transparency in the FX market.
The delisting has immediate practical implications for consumers and businesses. Anyone dealing with a BDC that is not on the CBN’s approved list now risks violating the law, as transactions with unlicensed operators are punishable under the Banks and Other Financial Institutions Act (BOFIA). The CBN has urged the public to verify the status of BDCs through its official website before conducting any foreign‑exchange business.
Analysts are split on the long‑term effects of the crackdown. Proponents argue that a smaller, better‑capitalised group of BDCs will enhance the integrity of the FX market, reduce arbitrage, and potentially stabilise the naira by limiting speculative activities. Critics, however, warn that the reduced number of outlets could shrink access to foreign currency for small traders and individuals, driving some transactions underground and inflating informal exchange rates.
