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82 BDCs meet CBN’s new guidelines - PUNCH
The Central Bank of Nigeria has confirmed that only 82 Bureaux De Change have been licensed to operate, having met its new guidelines.
This was disclosed in a statement signed by the Acting Director, Corporate Communications, CBN, Hakama Ali, on Monday.
The PUNCH reports that the CBN introduced a new regulatory framework for BDCs in February 2024, which mandates BDC operators to meet higher capital requirements. Tier-1 operators are required to meet a minimum capital requirement of N2bn, while Tier-2 operators must meet N500m as MCR.
According to the fresh statement, the 82 BDCs are the only ones recognised with effect from 27 November 2025.
“The Central Bank of Nigeria, in exercise of its powers conferred under the Banks and Other Financial Institutions Act 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines), has granted final licences to 82 Bureaux De Change to operate with effect from 27 November 2025.
“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date. The CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website. The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” said Ali.
She cautioned that operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act 2020.
The PUNCH earlier reported that the Association of Bureau De Change Operators of Nigeria warned that about three million Nigerians were at risk of losing their source of livelihood if BDCs closed shop due to their inability to meet the new capital threshold.
This was according to the ABCON President, Aminu Gwadebe, in a chat with The PUNCH, in which he also revealed that his members had explored mergers to meet the MCR imposed by the CBN.
