CBN Grants Licenses to 82 BDCs in Nigeria

The Central Bank of Nigeria (CBN) has approved operational licenses for 82 Bureau de Change (BDC) operators in line with revised regulatory guidelines, effective from November 27, 2025. The decision, announced on Monday, requires existing BDCs to reapply for new licenses to comply with updated operational capital requirements.

Operating without a valid license is deemed an offense under the Bank and Financial Institutions Act of 2020. The CBN urges the public to avoid unlicensed foreign exchange dealers and report any suspicious operations.