CBN grants licenses to 82 BDCs

The Central Bank of Nigeria (CBN) has granted final licenses to 82 Bureau De Change (BDCs) operators to operate with effect from November 27, 2025.

The CBN made this known via a statement issued by its Acting Director of Corporate Communications Department, Hakama Sidi-Ali, on Monday, December 8.

Sidi-Ali stated that the exercise was in line with its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020.

Sidi-Ali said the approval was also an enforcement of the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria 2024,

She noted that by the notice, only BDCs listed on the CBN’s website are authorised to operate from the effective date.

Sidi-Ali stated: “The CBN will continue to update the list of BDCs with valid operating licences for public verification on our website.

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“The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators.”

She added that operating a BDC business without a valid licence was a punishable offence under Section 57(1) of the BOFIA 2020.

Sidi-Ali, therefore, urged members of the public to note and be guided accordingly.

Earlier, there were about 5,690 BDCs operating across Nigeria.

But on March 1, 2024, the CBN revoked the licences of 4,173 BDC operators for regulatory non-compliance. After that revocation, the number of licensed BDCs dropped to around 1,517.

The Star