The Central Bank of Nigeria (CBN) has announced that all legacy Bureau De Change (BDC) operators who failed to meet the new licensing requirements have lost their licenses, effectively ceasing to operate in the country. This development was revealed in the apex bank’s ‘Frequently Asked Questions’ document on the current reform of the BDC, published on its website.
According to the document, the CBN had provided a transition timeline of six months, with a deadline of December 3, 2024, for all existing BDCs to meet the new requirements. However, the bank extended this deadline by another six months, which ended on June 3, 2025, to give ample time for legacy BDCs to comply. Any BDC that failed to meet the requirements as of November 30, 2025, has ceased to be a BDC, as its license no longer exists.
The CBN had earlier stated that only 82 BDCs had been licensed to operate, having met the new guidelines. The new measures are part of broader efforts by the CBN to strengthen transparency, compliance, and stability within Nigeria’s foreign exchange market. The new regulatory framework for BDCs, introduced in February 2024, mandates BDC operators to meet higher capital requirements, with Tier-1 operators required to meet a minimum capital requirement of N2 billion and Tier-2 operators required to meet N500 million.
The CBN will continue to receive applications from prospective promoters on its Licensing, Approval and Requests Portal, and those that meet the criteria will be considered for a license. However, the bank reserves the right to discontinue the licensing of BDCs at any time. The updated list of existing BDCs in Nigeria is available on the CBN website.
This move is aimed at promoting a more stable and transparent foreign exchange market in Nigeria. The CBN’s efforts to reform the BDC sector are part of its broader strategy to strengthen the country’s financial system and promote economic growth. With the new licensing requirements in place, the CBN is poised to ensure that only reputable and compliant BDCs operate in the country, thereby protecting consumers and maintaining the integrity of the financial system.