CBN Confirms 82 Licensed BDCs, Warns Against Unauthorised Dealers

The Central Bank of Nigeria (CBN) has officially confirmed the issuance of final operating licenses to 82 Bureau de Change (BDC) operators, urging Nigerians to only transact with authorized forex dealers. The regulatory framework, effective since November 27, 2025, aims to enhance transparency and structure within the forex market.

The CBN revoked licenses of non-compliant BDCs, requiring them to reapply online within six months. Tier 1 BDCs must maintain a minimum capital base of N2 billion, while Tier 2 BDCs need N500 million.

The CBN's efforts seek to stabilize the forex market and protect Nigerians from illegal operators.