The Central Bank of Nigeria (CBN) has confirmed the approval of 82 Bureaux De Change (BDCs) under its revised regulatory framework, marking a new phase in Nigeria’s foreign exchange oversight.
Okay News reports that the announcement was issued through a formal press release signed by Hakama Sidi Ali, Acting Director of Corporate Communications.
The CBN said the licences were granted in line with the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.
The approval took effect from November 27, 2025, solidifying the list of operators permitted to function within the country’s FX market.
According to the bank, only the BDCs published on its official website are authorised to operate. The regulator added that the list will continue to be updated to help the public verify the legitimacy of operators.
The statement warned Nigerians against engaging with unlicensed foreign exchange dealers, stressing that operating a BDC without a valid licence is a criminal offence under Section 57(1) of BOFIA 2020. It encouraged members of the public to exercise caution when transacting in the FX market.
The new licensing round follows the CBN’s ongoing reforms aimed at sanitising the foreign exchange landscape and improving transparency among currency traders. By tightening regulatory controls, the bank hopes to curb illegal FX activities and strengthen confidence in the market.
“Members of the public are hereby advised to note and be guided accordingly,” the statement read.
