Central Bank Lists 82 Bureaux De Change Licensed To Operate In Nigeria

The Central Bank of Nigeria (CBN), has released the list of the licensed bureau de change (BDC) operators in the country following the new guideline which required that they apply for new licenses with a new capital base.

By this notice, only 82 BDCs listed on the Central Bank’s website are authorised to operate from the effective date of November 27, 2025 according to a press release issued and signed by the apex bank acting director, Corporate Communications, Hakama Sidi Ali.

The CBN had last year issued a new directive mandating all BDC operators in the country to reapply for new licenses by June 3, 2024. This move, which is part of the revised Regulatory and Supervisory Guidelines for BDC Operations required operators to meet stringent new capital requirements.

The directive, according to the CBN is to reposition the BDC sub-sector to effectively contribute to Nigeria’s foreign exchange market. Under the new guidelines, BDCs are categorized into two tiers with distinct capital requirements.

Tier 1 BDCs must have a minimum capital of N2 billion, accompanied by a non-refundable application fee of N1 million and a license fee of N5 million. Tier 2 BDCs, on the other hand, are required to have a minimum capital base of N500 million, with a N0.25 million application fee and a N2 million license fee.

The CBN in the statement issued on Monday night stated that “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.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website (www.cbn.gov.ng), the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators.

For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. Members of the public are hereby advised to note and be guided accordingly.