The Central Bank of Nigeria (CBN) announced that only 82 Bureau De Change (BDC) operators currently hold valid licences to operate in the country. This confirmation was made in a statement issued by the bank’s spokesperson, Hakama Sidi Ali, on Monday. The licences were granted under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations, and they became effective on 27 November 2025.
The CBN warned that any individual or company operating a BDC without a valid licence is in violation of Section 57 of BOFIA 2020. Only Bureaux De Change listed on the CBN website are authorised to operate from the effective date, and the list will be updated regularly. The public is advised to avoid dealing with unlicensed foreign‑exchange dealers, as operating a BDC without a licence is a punishable offence under Section 57(1) of BOFIA 2020.
The bank has published the full list of licensed BDCs, categorised into two tiers. Tier 1 includes DULA GLOBAL BDC LTD and TRURATE GLOBAL BDC LTD. Tier 2 comprises 80 other operators, such as ABBUFX BDC LTD, ACHA GLOBAL BDC LTD, ARCTANGENT SWIFT BDC LTD, among others.
The CBN’s decision to regulate BDC operators aims to ensure the stability of the foreign‑exchange market and prevent illegal activities. Monitoring and supervising BDCs is crucial for maintaining the integrity of the financial system. The public is urged to verify the licensure status of any BDC operator before conducting business with them.
This 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 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.
Comments are closed for this story.