In a move aimed at enhancing transparency and regulating the retail end of the foreign exchange market, the Central Bank of Nigeria (CBN) yesterday confirmed it has granted final operating licenses to 82 Bureau De Changes (BDCs). These authorized operators are now cleared to conduct foreign exchange business across the country.
The crucial announcement was contained in a statement signed by the Acting Director of Corporate Communication, Dr. Sidi-Ali Hakama. The apex bank utilized the public notice to issue a strong warning to the general public, advising them to refrain from dealing with any unlicensed foreign exchange operators.
The CBN’s action aligns with the powers conferred upon it under the Bank and Other Financial Institutions Act (BOFIA) 2020, along with the recently updated Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines).
The statement clarified the effective date of authorization: “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.”
This means that only the BDCs listed on the bank’s official website are legally authorized to operate from that specific 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,” Dr. Hakama emphasized.
This strict regulatory stance is part of the CBN’s ongoing commitment to sanitize the foreign exchange market, curb speculative activities, and ensure that transactions are conducted within established legal frameworks.
