The Central Bank of Nigeria has approved fresh operating licences for 82 Bureaux De Change, as part of its ongoing clean-up of the retail foreign exchange market.
The new licences, which take effect from November 27, were confirmed on Monday in Abuja by the bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali.
She said the approvals were issued under the powers granted to the CBN by the Banks and Other Financial Institutions Act (BOFIA) 2020, and in line with the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria 2024.
Sidi-Ali stressed that, going forward, only BDCs whose names are published on the CBN’s website will be regarded as duly authorised.
“Only BDCs listed on the Bank’s website are authorised to operate from the effective date,” she stated, adding that the register of licensed operators would be regularly updated online for anyone who wishes to verify a firm’s status.
The CBN also cautioned members of the public against transacting with black market dealers and other unlicensed operators, warning that running a BDC without approval is a criminal offence.
According to Sidi-Ali, operating a BDC business without a valid licence is punishable under Section 57(1) of BOFIA 2020, and those found in breach risk sanctions.
Nigeria’s BDC space has undergone a major shake-up over the past year. At their peak, about 5,690 operators were on the books nationwide. That number dropped sharply on March 1, 2024, when the CBN withdrew the licences of 4,173 BDCs over regulatory non-compliance, leaving an estimated 1,517 firms still in good standing.
The latest batch of 82 fully licensed BDCs is seen as part of efforts to consolidate that restructuring, tighten supervision and entrench stricter compliance with new rules governing the retail FX market. The CBN urged the public to confirm the status of any BDC on its website and “be guided accordingly” when conducting foreign exchange transactions.
