The Central Bank of Nigeria granted final operating licences to 82 Bureaux de Change (BDC) operators on November 27, 2025, under the 2024 Regulatory and Supervisory Guidelines, urging Nigerians to verify authorised dealers on the CBN website to avoid illicit forex transactions.
Two Tier-1 BDCs (N2 billion capital) Dula Global BDC Ltd and Trurate Global BDC Ltd join 80 Tier-2 operators (N500 million minimum) like Abbufx BDC Ltd, Acha Global BDC Ltd, and Arctangent Swift BDC Ltd, following May 2024 reapplication mandates after 4,173 prior revocations.
Licensing fees stand at N5 million (Tier-1) and N2 million (Tier-2), banning crypto, derivatives, and nationwide franchising without approval to curb speculation amid naira reforms. CBN Acting Director Hakama Sidi-Ali warned of sanctions for unlicensed operations, invoking BOFIA 2020 powers.
The cull from thousands streamlines legitimate forex access, boosting transparency post-2024 recapitalisation. Full list available on CBN site.