CBN Reshapes BDC Operations in 2025 to Enhance Forex Market Efficiency

The Central Bank of Nigeria (CBN) implemented significant changes in 2025 to reshape the operations of Bureau de Change (BDC) operators in Nigeria's retail foreign exchange market. This included fee waivers, new regulatory codes, and the extension of deadlines for license renewals.

The CBN aimed to streamline operations, enforce good governance, and ensure market fairness and efficiency. Governor Yemi Cardoso described the new FX code as a step forward in enhancing transparency and ethical conduct.

The CBN also extended deadlines for BDCs to access the foreign exchange market and set weekly purchase limits. These measures aimed to strengthen the sector and improve market practices.