Nigeria's Central Bank Revokes BDC Licenses Over Regulatory Non-Compliance

The Central Bank of Nigeria (CBN) has revoked numerous Bureau de Change (BDC) licenses for failing to meet new regulatory standards by November 30, 2025. The CBN had introduced higher capital thresholds for BDCs in February 2024, with tier 1 operators required to maintain a minimum of N2 billion and tier 2 operators at least N500 million.

The move aims to enhance transparency, compliance, and stability in Nigeria's foreign exchange market. Existing BDCs were given a transition period until December 3, 2024, to comply, but those failing to do so by November 2025 will no longer be recognized.

The CBN will continue to accept new license approval requests through its portal.