The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureau De Change (BDC) operators, marking the first major approvals under its revised regulatory framework aimed at tightening the foreign exchange market.
In a statement signed by the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the apex bank confirmed that the new licences took effect on 27 November 2025, following compliance with the updated capital requirements.
Only two firms ,Dula Global BDC Ltd and Trurate Global BDC Ltd, met the Tier-1 threshold of N2 billion minimum capital, while the remaining operators were approved under Tier-2, which requires N500 million capital base.
Tier-2 licensees include Abbufx BDC Ltd, Acha Global BDC Ltd, Arctangent Swift BDC Ltd, Ascendant BDC Ltd, Baracai BDC Ltd, Bergpoint BDC Ltd, Bravo Model BDC Ltd, Brimestone BDC Ltd, Brownston BDC Ltd, Buzzwallet BDC Ltd, Cashcode BDC Ltd, Chattered BDC Ltd, Chronicles BDC Ltd, among others.
The CBN had raised capital requirements in May 2024 from N35 million to N2 billion for Tier-1 operators and N500 million for Tier-2, with a compliance deadline of June 3, 2025.
Sidi Ali said the approvals were granted under the powers of the CBN in the Bank and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for BDCs.
“Only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date,” she said, adding that the CBN will continue to update the list for public verification.
She warned that dealing with unlicensed forex operators is risky and unlawful, saying:
“Operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of BOFIA 2020. Members of the public are hereby advised to note and be guided accordingly.”
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