The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureaux de Change (BDCs), allowing them to operate officially from November 27. The announcement was made in Abuja by Mrs. Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department.
Sidi-Ali explained that the licensing exercise aligns with the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria 2024. She stressed that only BDCs listed on the CBN website are authorized to operate and urged the public to avoid engaging unlicensed foreign exchange operators.
“Operating a BDC without a valid licence is an offence under Section 57(1) of BOFIA 2020,” she warned, emphasizing the legal risks of transacting with unlicensed operators.
The CBN also noted that it will continue to update the list of licensed BDCs on its website ([www.cbn.gov.ng](http://www.cbn.gov.ng)) for public verification.
The move comes after a major cleanup of the sector earlier this year. In March 2024, the CBN revoked the licences of 4,173 BDCs for regulatory non-compliance, reducing the number of licensed operators from around 5,690 to approximately 1,517. The latest approval brings the sector a step closer to fully compliant and regulated operations.
