The Central Bank of Nigeria has officially confirmed that only 82 Bureaux De Change (BDCs) have met the requirements to operate under its newly updated regulatory framework. This announcement, made on Monday by the bank’s Acting Director of Corporate Communications, Hakama Ali, marks a major shift in Nigeria’s foreign exchange landscape. For many Nigerians and industry players, the news ends months of uncertainty over which operators successfully scaled the new compliance hurdles introduced last year.
In February 2024, the CBN rolled out a stricter regulatory framework requiring BDCs to meet significantly higher capital thresholds. Under the new structure, Tier-1 BDCs must maintain a minimum capital base of N2bn, while Tier-2 operators must meet N500m. The move, according to the bank, was designed to strengthen the financial system and ensure that forex dealers operate with greater transparency and accountability.
According to the latest statement, the 82 approved BDCs are the only operators officially recognised from November 27, 2025. The CBN also noted that its website will continue to host an updated list of verified operators. The bank urged Nigerians to avoid unlicensed foreign exchange dealers, warning that engaging with illegal operators puts individuals and businesses at financial risk.
Hakama Ali further emphasised that operating a Bureau De Change without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act 2020. The reminder comes at a time when enforcement efforts are tightening, and the central bank is doubling down on restoring stability in Nigeria’s volatile FX market.
Meanwhile, industry concerns continue to grow. The Association of Bureau De Change Operators of Nigeria had earlier warned that the new capital requirements could force many operators to shut down, potentially leaving up to three million Nigerians without their primary source of income. Its president, Aminu Gwadebe, revealed that many BDCs had considered mergers to survive the new regulatory regime, underscoring the sweeping impact of the policy shift on livelihoods and the broader economy.
source: punch