BREAKING: CBN Grants Final License To 82 BDCs Under Revised Guidelines

The Central Bank of Nigeria (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.

The CBN Confirmed this in a statement on Monday signed by Hakama Sidi Ali, Ag. Director, Corporate Communications

It said in the statement that only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date.

While the CBN said it will continue to update the list of Bureaux De Change with valid operating licences for public verification, it advised the general public to avoid dealing with unlicensed Foreign Exchange Operators.

It said, “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.”

The apex bank had in May last year withdrew all Bureau de Change licences as it orders forex traders to reapply for fresh permits.

The operators were expected to apply for either of the two categories- ‘Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.

According to the Central Bank, BDCs had six months from the date of the release of the guidelines to apply for the new license.

The apex bank had released a draft guideline in February 2024 for stakeholder inputs.

“Following the conclusion of the stakeholder consultations and in exercise of the powers conferred on it by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN hereby issues the attached Regulatory and Supervisory Guidelines for Bureau On Change Operations in Nigeria 2024 for compliance by all operators and promoters of proposed BDCs in Nigeria,” the apex bank had said.

The guidline mandated BDCs to “Re-apply for a new license according to any of the Tiers or license category of their choice as provided in the Guidelines.

“Meet the minimum capital requirements for the license category applied for within six months from the effective date of the Guidelines.”

“Applicants for new BDC license are required to meet the conditions for the grant of license in accordance to category of BDC chosen as stipulated in the Guideline.”

The bank had said Tier 1 BDC license holders will operate in any state of the federation and the Federal Capital Territory (FCT).

ENDS