ABUJA, Nigeria (VOICE OF NAIJA)-The Central Bank of Nigeria has confirmed that only 82 Bureaux De Change have secured approval to operate after fulfilling its updated regulatory requirements.
The announcement came through a statement issued on Monday by the Acting Director of Corporate Communications, CBN, Hakama Ali.
Earlier this year, the CBN introduced a revised regulatory framework for BDCs in February 2024, which raised the minimum capital thresholds for operators.
Under the guidelines, Tier-1 BDCs must have a minimum capital base of N2bn, while Tier-2 operators are required to maintain N500m.
According to the latest update, the 82 approved BDCs are the only operators recognised from 27 November 2025.
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The statement noted: “The Central Bank of Nigeria, in exercise of its powers conferred under the Banks and Other Financial Institutions Act 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines), has granted final licences to 82 Bureaux De Change to operate with effect from 27 November 2025.
“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date. The CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website. The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” said Ali.
She further warned that running a Bureau De Change business without a valid licence is an offence punishable under Section 57(1) of the Banks and Other Financial Institutions Act 2020.
Previously, the Association of Bureau De Change Operators of Nigeria expressed concern that nearly three million people could lose their livelihoods if BDCs are forced to shut down due to their inability to meet the new capital requirements.
The association’s president, Aminu Gwadebe, stated that members have even considered mergers to comply with the CBN’s minimum capital rules.