Retail forex traders in Nigeria, known as Bureau De Change (BDC) operators, are optimistic that the Central Bank of Nigeria (CBN) will issue more operating licenses following its recent approval of 82 operators. The announcement, made on December 8, 2025, represents a significant step in the CBN’s ongoing reforms aimed at regulating and strengthening the retail foreign exchange market. Traders hope this will pave the way for a broader inclusion of compliant operators in the near future.
The initial approvals, however, account for only a fraction of the applications received under the revised guidelines. Many operators say the number reflects only those who had completed the licensing process when the CBN issued its circular. “These are just the first set of people who had paid at the time the circular came out. Many others have met the requirements since then,” said Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria (ABCON).
The CBN introduced new capital requirements in May 2024, increasing the threshold from N35 million to N2 billion for Tier-1 licenses and N500 million for Tier-2 licenses. Tier-1 BDCs can operate nationally, while Tier-2 operators are restricted to a single state. This recapitalization has significantly reduced the number of eligible operators, leaving only a small percentage able to meet the stringent requirements. Thousands of non-compliant operators had already been delisted prior to the policy, reducing the total from over 6,000 to roughly 1,600 by 2024.
Despite the sharp reduction, ABCON maintains that more operators are expected to receive approval soon. Gwadebe explained that the licensing process is ongoing and that many operators who have now fulfilled the requirements are waiting for their licenses. The CBN has also assured stakeholders of an accelerated process to ensure more participants can officially operate in the market.
The CBN emphasized that only licensed operators listed on its official website are authorized to conduct foreign exchange transactions and cautioned the public against dealing with unlicensed dealers. The bank’s commitment to compliance underscores its goal of creating a more transparent, accountable, and stable forex market in Nigeria. Analysts expect additional approvals in the coming weeks, signaling continued reform and growth in the retail forex sector.
source: Nairametrics