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The Central Bank of Nigeria (CBN) has approved 82 Bureau de Change (BDCs) to operate under its updated regulations, effective November 27, 2025.
“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 apex bank said.
On May 22, 2024, CBN released regulatory guidelines for the operations of bureau de change following discussions with stakeholders and instructed current BDCs to submit applications for a new licence.
In a circular released on Monday, the central bank also said that only BDCs listed on its website are permitted to operate from the specified date.
“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date. While the CBN will continue to update the list of Bureau De Change with valid operating licences for public verification on our website (www.cbn.gov.ng), the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators.” The circular read.
CBN cautioned that conducting BDC activities without a valid licence is an offence punishable under section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
