The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureau De Change (BDC) operators, formalising their approval to commence operations from 27 November. The development forms part of the regulator’s continued reforms aimed at tightening oversight of the foreign exchange sector.
Announcing the decision on Monday, Mrs Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department, said the approvals were granted pursuant to the Bank and Other Financial Institutions Act (BOFIA) 2020. She noted that the move also enforces provisions outlined in the 2024 Regulatory and Supervisory Guidelines for BDC Operations.
Sidi-Ali explained that only those BDCs listed on the CBN website are authorised to trade, adding that the official roster would be updated periodically for public verification. The bank encouraged Nigerians to rely solely on verified operators when accessing foreign exchange services.
The CBN also issued a stern warning to the public against transacting with unlicensed dealers. According to the statement, dealing with unauthorised FX operators not only violates regulations but also exposes consumers to fraudulent practices and potential financial loss.
Sidi-Ali reminded stakeholders that operating a BDC without a valid licence constitutes an offence under Section 57(1) of BOFIA 2020. She urged the public to exercise caution and abide by the guidelines provided by the apex bank.
Industry observers note that Nigeria’s BDC landscape has undergone extensive restructuring. At its peak, the country had nearly 5,700 registered operators, making the sector one of the most expansive in the region.
However, on 1 March 2024, the CBN revoked the licences of 4,173 BDC operators due to regulatory violations, drastically reducing the number of authorised dealers to around 1,517. The latest issuance of 82 new licences is seen as part of a measured approach towards rebuilding a more compliant and transparent FX market.
