CBN Grants Licenses to 82 BDCs in Nigeria, New Regulations Effective November 2025

The Central Bank of Nigeria (CBN) has issued licenses to 82 BDCs, marking the conclusion of a major recapitalization and re-licensing exercise in the foreign exchange market. The move follows the CBN's decision in May 2024 to withdraw existing BDC licenses and introduce a new tiered structure to strengthen the sector.

BDC operators are required to reapply under the new guidelines, with minimum capital requirements of either N2 billion or N500 million depending on the tier. The CBN has warned the public against dealing with unapproved forex dealers and will continue to update the list of authorized BDCs on its official website.