The Central Bank of Nigeria has issued final operating licences to 82 Bureaux De Change operators under its updated regulatory framework, reinforcing its efforts to sanitise and strengthen the foreign exchange market. In a statement released by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank noted that the licences became effective on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines governing BDC operations. The approval was granted pursuant to the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The CBN stressed that only BDCs published on its official website are recognised as duly licensed entities and urged members of the public to always verify the authenticity of any operator before conducting FX transactions. It reiterated that patronising unlicensed forex dealers remains illegal and is an offence under Section 57(1) of BOFIA, adding that enforcement measures will continue to be applied against offenders.
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The licensing exercise forms part of broader reforms aimed at promoting transparency, discouraging illicit FX practices, and rebuilding confidence within the foreign exchange ecosystem. The 2024 guidelines—which became operational in June 2024—mandate all operators to reapply for either Tier 1 or Tier 2 status, with new minimum capital requirements of N2 billion and N500 million respectively, in addition to non-refundable licence fees of N5 million for Tier 1 and N2 million for Tier 2.
For MSMEs engaged in import-export activities or dependent on retail FX access, a more structured and regulated market could help promote price stability and minimise exposure to parallel-market volatility. With more authorised operators returning to the system and enhanced regulatory oversight, businesses may gradually experience better clarity and legitimacy in sourcing forex, although overall market reactions will still hinge on liquidity levels and broader monetary policy adjustments.
