The Central Bank of Nigeria (CBN) has granted final operating licenses to 82 Bureaux De Change (BDCs) under its rigorous new regulatory framework, while issuing a sharp warning to the public against dealing with any unlicensed foreign exchange operators.
In a statement released today, Monday, December 8, 2025, the CBN announced that the licenses, which took effect from November 27, 2025, are part of the apex bank’s aggressive effort to sanitize the foreign exchange market, enhance transparency, and crack down on illicit activities driving the parallel market.
The licensing exercise is the result of the CBN’s 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria, which introduced stricter capital requirements and a tiered structure. Thus, confirming that 82 BDCs met the stringent criteria for the new Tier 1 or Tier 2 licensing structure.
This new system requires all BDCs to reapply and meet minimum capital requirements, which were significantly raised. Tier 1 BDCs must now have a minimum capital of ₦2 billion, and can operate nationally while Tier 2 BDCs must have a minimum capital of ₦500 million and can operate in only one state or the FCT.
The new guidelines aim to ensure that only properly capitalized and structured entities operate in the market, preventing the round-tripping of foreign exchange and strengthening regulatory oversight through mandatory IT integration with the CBN’s systems.
The apex bank also stressed that its sanitization efforts are paired with a commitment to prosecute illegal operators.
The public was strongly advised to verify the status of any BDC operator on the CBN’s official website before engaging in any foreign exchange transaction.
The Bank warned that operating a BDC without a valid license is a severe offense punishable under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The statement promised legal action against all illegal operators who continue to undermine the stability and transparency of the official foreign exchange market.
The move marks a significant step in the CBN’s reform agenda under Governor Olayemi Cardoso, focusing on creating a more orderly and compliant environment for foreign exchange transactions.
