The Central Bank of Nigeria (CBN) has announced that only 82 Bureau De Change (BDC) operators currently hold valid licenses to operate in the country. This confirmation was made in a statement issued by the bank’s spokesperson, Hakama Sidi Ali, on Monday. The CBN granted these approvals in line with its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations.
The final licenses became effective on November 27, 2025, and the CBN warned that any individual or company operating a BDC without a valid license is in violation of Section 57 of BOFIA 2020. The bank emphasized that only Bureaux De Change listed on its website are authorized to operate from the effective date. The list of licensed operators will be updated regularly on the CBN website, and the public is advised to avoid dealing with unlicensed foreign exchange dealers.
Operating a Bureau De Change business without a valid license is a punishable offense under Section 57(1) of BOFIA 2020. The CBN has published the full list of licensed BDCs, categorized into two tiers. Tier 1 includes DULA GLOBAL BDC LTD and TRURATE GLOBAL BDC LTD, while Tier 2 comprises 80 other operators, including ABBUFX BDC LTD, ACHA GLOBAL BDC LTD, and ARCTANGENT SWIFT BDC LTD, among others.
The CBN’s decision to regulate BDC operators is aimed at ensuring the stability of the foreign exchange market and preventing illegal activities. The bank’s efforts to monitor and supervise BDCs are crucial in maintaining the integrity of the financial system. The public is advised to verify the licensure status of any BDC operator before conducting business with them.
The CBN’s announcement serves as a reminder of the importance of compliance with regulatory requirements in the financial sector. The bank’s commitment to enforcing these regulations will help to protect consumers and maintain confidence in the Nigerian economy. As the CBN continues to update the list of licensed BDC operators, it is essential for the public to stay informed and exercise caution when engaging with foreign exchange dealers.