Only 82 BDCs Licensed by CBN: What Nigerians Need to Know
The Central Bank of Nigeria (CBN) has confirmed that only 82 Bureaux De Change (BDCs) have met its new guidelines and are licensed to operate, effective 27 November 2025. This move follows the introduction of stricter regulations in February 2024, aimed at ensuring a more stable and secure foreign exchange sector in Nigeria.
New Guidelines for BDC Operators
Under the revised framework, BDC operators must meet higher Minimum Capital Requirements (MCR):
- Tier-1 operators: Minimum capital of ₦2 billion
- Tier-2 operators: Minimum capital of ₦500 million
The CBN has emphasized that only the BDCs listed on its website are authorised to operate. Dealing with unlicensed operators is illegal and punishable under Section 57(1) of the Banks and Other Financial Institutions Act 2020.
“The CBN advises the general public to avoid dealing with unlicensed foreign exchange operators,” said Hakama Ali, Acting Director, Corporate Communications, CBN.
This warning is crucial to protect individuals from fraud and ensure that all foreign exchange transactions are secure and regulated.
Impact on BDC Operators and Nigerians
The stricter capital thresholds have posed challenges for many BDCs. The Association of Bureaux De Change Operators of Nigeria (ABCON) has warned that about three million Nigerians could be affected if BDCs fail to meet the new requirements and close.
ABCON President Aminu Gwadebe noted that some operators are considering mergers to meet the required capital. This approach could help preserve jobs while ensuring compliance with CBN regulations.
How Nigerians Can Benefit
- Use licensed BDCs: Check the official CBN list before transacting to safeguard your money.
- Stay informed: Monitor updates from CBN as more BDCs meet the requirements.
- Entrepreneurial opportunities: Eligible investors can consider merging or partnering with compliant BDCs, creating new business opportunities in the regulated FX market.
- Job security: Employees in licensed BDCs have more stable employment prospects compared to unlicensed operators.
The CBN’s licensing ensures a safer foreign exchange market and encourages professionalism in the sector. By using licensed BDCs and exploring compliant business opportunities, Nigerians can protect their finances, support regulated businesses, and even find new avenues for growth.
