The Central Bank of Nigeria (CBN) has issued final operating licences to 82 Bureaux De Change (BDCs), effective November 27, 2025, as part of its ongoing regulatory reforms for the foreign exchange market.
In a statement yesterday, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the approvals were granted under the powers conferred by the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
She stressed that with the effective date now in force, only Bureaux De Change listed on the CBN website are authorised to operate, urging the public to rely solely on the official list when engaging currency exchange services.
The move is aimed at strengthening oversight, ensuring compliance, and promoting transparency in the foreign exchange sector.
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Sidi Ali said the CBN would “continue to update the list of Bureaux De Change with valid operating licences for public verification on our website,” reiterating the apex bank’s growing concern over the activities of unregulated foreign exchange dealers.
She cautioned that members of the public should “avoid dealing with unlicensed Foreign Exchange Operators,” warning that such engagements expose individuals and businesses to significant financial risks.
Citing the legal framework governing BDC operations, the CBN reminded the public that operating a Bureau De Change without proper authorisation constitutes a criminal offence. “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,” the statement read.
The apex bank urged Nigerians to “note and be guided accordingly,” as the updated regulatory regime seeks to strengthen transparency, sanitise the foreign exchange market, and streamline the operations of currency dealers under stricter compliance standards.
