The Central Bank of Nigeria (CBN) has earned at least N192 million in non-refundable fees from 82 newly licensed Bureau De Change (BDC) operators. The revenue stems from application and licensing charges under revised regulations.
Okay News reports that the CBN granted final licences to the operators effective November 27, 2025. The list includes two Tier 1 and 80 Tier 2 BDCs.
Fees follow the 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations. Tier 1 operators pay N1 million application and N5 million licensing fees each.
The two Tier 1 firms contribute N2 million in applications and N10 million in licences, totalling N12 million. Tier 2 pay N250,000 application and N2 million licensing fees each.
The 80 Tier 2 operators yield N20 million in applications and N160 million in licences, summing N180 million. Combined revenue reaches N192 million.
These fees separate from minimum capital requirements. Tier 1 needs N2 billion, Tier 2 requires N500 million, verified before final approval.
Tier 1 BDCs operate nationwide with branches and franchisees subject to approval. Tier 2 limit to one state or the Federal Capital Territory with up to five branches.
The CBN warned against unlicensed operators. Violations breach the Banks and Other Financial Institutions Act 2020.
Reforms aim to enhance retail foreign exchange access and operator sustainability. They also curb illicit flows and money laundering.
Licensed firms include Dula Global BDC Ltd and Trurate Global BDC Ltd for Tier 1. Tier 2 covers entities like Abbufx BDC Ltd and Greengate BDC Ltd nationwide.
The CBN will update its website list as more applicants qualify. Public advised to deal only with authorised operators.
This initial batch integrates into the new framework. Further approvals expected as compliance progresses.
The revenue supports regulatory oversight while strengthening Nigeria’s foreign exchange market structure.
