The Central Bank of Nigeria has formally revoked the licences of all legacy Bureau De Change operators that failed to meet its new regulatory requirements by November 30, 2025. With the move, these operators automatically cease to function as BDCs across the country. The update was contained in a Frequently Asked Questions document published on the CBN’s website as part of its ongoing reforms in the foreign exchange market.
This decision follows months of phased compliance windows introduced by the apex bank. Initially, BDCs were given a six-month period—from June 3 to December 3, 2024—to meet the revised guidelines. When many operators struggled to align with the new rules, the CBN granted an additional six-month extension, which expired on June 3, 2025. Despite these allowances, scores of operators still did not meet the benchmarks.
Earlier in the week, The PUNCH reported that only 82 BDCs successfully secured licences under the strengthened framework. According to the newly released document, the CBN has now enforced the final cutoff date, confirming that any operator that failed to comply by the end of November is no longer recognised. The apex bank advised Nigerians to consult its website for the updated list of approved BDCs.
The CBN also clarified that it will continue to accept applications from new promoters through its Licensing, Approval and Requests Portal. However, it emphasized that approval is not guaranteed and that it reserves the right to halt the issuance of new licences at any time. This flexibility, the bank noted, is essential to safeguarding transparency and stability within the forex ecosystem.
Introduced in February 2024, the new BDC regulatory framework significantly raised capital requirements for operators. Under the guidelines, Tier-1 BDCs must meet a minimum capital threshold of ₦2 billion, while Tier-2 operators are expected to provide at least ₦500 million. According to the CBN, these measures are designed to strengthen compliance, modernize the industry, and restore confidence in Nigeria’s foreign exchange market.
source: punch