By: ThinkBusiness Africa
The Central Bank of Nigeria (CBN) has granted final operating licences to only 82 Bureaus De Change (BDCs) under its rigorous new regulatory framework, marking a decisive move to consolidate and sanitize the nation’s retail foreign exchange (FX) market.
The approvals, announced in a statement late Monday and effective from November 27, 2025, follow a sweeping cleanup exercise earlier this year that saw the apex bank revoke the licences of over 4,000 BDCs for non-compliance with Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations.
Furthermore, the apex bank, issued a stern warning to the public against dealing with any unlicensed FX dealers.
“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date.” CBN cautioned.
The Bank further stressed that operating a BDC business without a valid licence is now a punishable offence under Section 57(1) of the BOFIA 2020, signaling its intent to pursue legal action against illegal operators.
The move is part of the CBN’s broader efforts to restore confidence and stability to the volatile foreign exchange market, which has been plagued by parallel-market abuses, round-tripping, and a wide disparity between official and unofficial rates.
