The Central Bank of Nigeria has granted final operating licences to 82 Bureaux De Change under its revised regulatory framework, stepping up efforts to sanitise the foreign exchange market. In a statement signed by Acting Director of Corporate Communications, Hakama Sidi-Ali, the bank said the licences took effect from November 27, 2025, in line with the 2024 Regulatory and Supervisory Guidelines for BDC operations. It added that the approval was issued under the provisions of the Banks and Other Financial Institutions Act 2020.
The CBN emphasised that only BDCs listed on its official website are recognised as licensed operators and urged the public to verify the status of any bureau before engaging in forex transactions. It warned that dealing with unlicensed operators remains illegal and punishable under Section 57(1) of BOFIA, noting that enforcement actions will continue against violators.
The licensing push forms part of ongoing reforms aimed at improving transparency, curbing illegal market activities, and restoring confidence in the FX ecosystem. The 2024 guidelines, which took effect in June 2024, require operators to reapply for Tier 1 or Tier 2 status with minimum capital thresholds of N2 billion and N500 million, respectively, alongside non-refundable licence fees of N5 million for Tier 1 and N2 million for Tier 2.
For MSMEs involved in import-export trade or reliant on retail FX access, a cleaner market environment could support more stable pricing and reduce exposure to parallel-market risks. With more licensed players returning to the system and stricter oversight, businesses may begin to experience improved transparency in accessing forex legally, though market response will depend on liquidity supply and broader monetary policy conditions.
