CBN Confirms Final Licensing of 82 Bureaux De Change

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) has approved final operating licences for 82 Bureaux De Change (BDCs) under the Revised Regulatory and Supervisory Guidelines for BDC Operations 2024.

The approvals were issued in line with the Bank’s powers under the Banks and Other Financial Institutions Act (BOFIA) 2020.

According to a statement released on Monday, by the acting Director of Corporate Communications, Hakama Sidi-Ali, the licences take effect from 27 November 2025.

CBN: Only Listed BDCs Are Legally Recognised

The Bank said only BDCs published on its official website are authorised to operate, adding that the list will be updated routinely for public verification.

“Only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date,” the statement said.

Warning Over Unlicensed FX Dealers

The CBN also urged Nigerians to avoid patronising unlicensed foreign exchange dealers, stressing that running a BDC without approval remains a criminal offence.

“The general public is advised to avoid dealing with unlicensed Foreign Exchange Operators,” the Bank warned.

It added that operating a BDC without a valid licence contravenes Section 57(1) of BOFIA 2020.