The Central Bank of Nigeria has announced that only 82 Bureaux De Change have been authorized to operate after fulfilling its updated regulations.
This information was revealed in a statement from the Acting Director of Corporate Communications, CBN, Hakama Ali, on Monday.
According to reports, CBN implemented a new regulatory framework for BDCs in February 2024, which requires BDC operators to comply with increased capital requirements. Tier-1 operators are required to have a minimum capital of N2bn, while Tier-2 operators must maintain N500m as their minimum capital requirement.
As per the latest statement, the 82 BDCs are the only ones recognized starting from 27 November 2025.
“The Central Bank of Nigeria, in accordance with the authority given to it under the Banks and Other Financial Institutions Act 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines), has issued final licenses to 82 Bureaux De Change to commence operations effective from 27 November 2025.
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“By this announcement, only the Bureaux De Change listed on the Bank’s website are authorized to function from the specified date.
The CBN will continually update the list of Bureaux De Change that possess valid operating licenses for public verification on our website. The Bank advises the public to steer clear of unlicensed foreign exchange operators,” Ali stated.
She warned that conducting a Bureau De Change business without a legitimate license contravenes Section 57(1) of the Banks and Other Financial Institutions Act 2020, which is subject to penalties.
Also, according to gathered reports, the Association of Bureau De Change Operators of Nigeria cautioned that around three million Nigerians might lose their livelihoods if BDCs were forced to shut down due to their inability to meet the new capital requirements.
This was shared by the ABCON President, Aminu Gwadebe, in a discussion with The PUNCH, during which he also mentioned that his members had considered mergers to comply with the minimum capital requirements set by the CBN.
