Unlicensed Bureaux De Change Continue Forex Operations At Lagos Airport

Several of the Bureaux De Change operators currently providing foreign exchange services at the Murtala Muhammed International Airport (MMIA) in Lagos are not included in the list of 82 operators recently granted final approval by the Central Bank of Nigeria under its revised regulatory framework, LEADERSHIP checks have revealed.

However, the Association of Bureau De Change Operators of Nigeria (ABCON) stated that it expected the list of licensed BDCs to expand beyond the 82 released by the CBN.

LEADERSHIP findings show that the operators, who maintain visible trading points within the airport, are not among the names published by the CBN on December 8, 2025, as licensed to carry out BDC business in the country.

Currently, BDCs operating at the airport include: Bossy Clean Exchange, Sulah Bureau De Change, Kings BDC, BK BDC, Bago Biri, Katuru, Ibro, Maha BDC and Vida Sem BDC. Their continued presence comes amid the apex bank’s ongoing reform of the retail foreign exchange market. Whether these operators name will be in subsequent batches when CBN released a new list is yet unknown,

However, they continue to operate freely in the MMIA despite that the CBN has withdrawn their licences for failing to meet the prescribed recapitalisation deadline.

The CBN had earlier disclosed it approved 82 BDC operators as the first batch to meet the requirements of its revised Regulatory and Supervisory Guidelines for Bureau De Change Operations. The approval took effect from November 27, 2025, with the bank stating that only operators listed on its website are authorised to conduct BDC activities.

In May 2024, the CBN introduced a new capital structure for BDC operators, raising the minimum requirement to N2 billion for a Tier 1 licence and N500 million for a Tier 2 licence, compared to the previous N35 million threshold. While Tier 1 operators are allowed to operate nationwide, Tier 2 BDCs are limited to operations within a single state.

The revised framework was issued under the CBN’s regulatory powers in line with Section 56 of the Banks and Other Financial Institutions Act 2020, following consultations with industry stakeholders.
Meanwhile, retail forex traders have maintained that the published figure represents only an initial phase of the licensing process, noting that many applications are still being reviewed and that additional approvals are expected in the coming weeks.

Speaking on the licensing process, president of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, explained that the 82 operators approved so far were those who had completed the requirements at the time the circular was released.
He noted that many operators took time to raise the new capital following the sharp increase from the former threshold, adding that payments and applications are still being submitted.

According to Gwadebe, the number of operators who have met the requirements has already exceeded the published figure, with assurances from the CBN that the approval process will be accelerated.

He also disclosed that a significant number of BDCs had already been delisted before the recapitalisation exercise due to non-compliance with existing operational guidelines. He said enforcement measures reduced the number of operators from over 6,000 to about 1,600 by 2024, with the new capital requirements further narrowing the field to a small fraction.

The CBN has reiterated that only licensed operators are permitted to carry out BDC business and advised the public to verify the status of operators through its official channels, while noting that more names will be added to the list as approvals are finalised.