The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDCs) under its revised Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024. The licences, issued under the Bank and Other Financial Institutions Act (BOFIA) 2020, take effect from November 27, 2025.
Confirming the report in a statement, Ag. Director, Corporate Communications Hakama Sidi Ali (Mrs.) said only BDCs listed on its website are authorised to operate from the effective date. The Bank urged the public to verify operators on its official website (www.cbn.gov.ng) and to avoid transactions with unlicensed foreign exchange operators.
The CBN reiterated that running a BDC without a valid licence is an offence under Section 57(1) of BOFIA 2020, punishable by law.
Members of the public are advised to take note and comply with the regulations.
