CBN Approves 82 BDCs, Sets New Framework

The Central Bank of Nigeria has issued final operating licences to 82 Bureau De Change operators as part of ongoing efforts to reform and stabilise the foreign exchange market. The approval, which took effect on November 27, 2025, was conveyed in an official notice signed by the acting Director of Corporate Communications, Hakama Sidi Ali.

The licences were granted under the provisions of the Bank and Other Financial Institutions Act 2020 and the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The apex bank stated that only operators listed on its official website are authorised to carry out foreign exchange transactions and warned the public against dealing with unlicensed BDCs. It also reiterated that running a BDC business without approval attracts penalties as contained in Section 57(1) of BOFIA 2020.

The latest approvals align with wider reforms the CBN began rolling out earlier, including the introduction of stricter operating requirements and enhanced reporting obligations for BDCs. In its recently updated framework, the Bank mandated operators to keep their buying and selling rates within a margin of -2.5 per cent to +2.5 per cent of the previous day’s weighted average rate in the official FX window. The measure is designed to reduce volatility and improve transparency within the retail end of the forex market.

BDC operators are also required to file periodic financial and operational reports through the upgraded Financial Institution Forex Rendition System. The submissions include daily, weekly, monthly, quarterly and annual returns, and are compulsory even when no transactions occur within a reporting period. According to the CBN, failure to submit accurate and timely returns may attract sanctions that could extend to licence withdrawal.

The latest developments signal the full return of BDCs to the country’s FX ecosystem after earlier policy decisions under a previous administration had restricted their participation. The apex bank says it expects the combination of new licensing approvals and compliance-focused reforms to strengthen oversight, improve market discipline and support a more efficient foreign exchange environment.

Members of the public were advised to verify the authenticity of any BDC before engaging in transactions and to avoid unlicensed operators.