CBN Issues Final Licenses to First Batch of 82 BDCs Under Tougher 2024 Guidelines, Demands N2 Billion Capital for Top Tier

In a major step towards sanitizing the retail segment of Nigeria’s turbulent foreign exchange (FX) market, the Central Bank of Nigeria (CBN) announced the issuance of the first batch of final licenses to 82 Bureaux De Change (BDC) operators. This move is a direct implementation of the stringent 2024 Regulatory and Supervisory Guidelines introduced by the apex bank to stabilize the naira and curb illicit transactions.

The CBN, in a notice signed by the Acting Director of Corporate Communications, Hakama Ali, stated that the licenses became effective on November 27, 2025. The bank explained that the new licensing regime is aimed at shrinking the operational space for unauthorized street traders, enforcing compliance, and ultimately restoring confidence in the transparent distribution of retail foreign currency.

The new guidelines categorize BDCs into two tiers with vastly increased capital thresholds. To qualify for a national Tier 1 BDC license, operators must maintain a minimum capital base of N2 billion, while Tier 2 BDCs require N500 million and are restricted to operating in a single state. Of the 82 operators granted licenses in this first batch, only two qualified for the national Tier 1 status, with the remaining 80 operating as Tier 2 entities.

The CBN warned the public that only the BDCs listed on the Bank’s official website are authorized to operate from the effective date, reminding them that operating a BDC business without a valid license is a punishable offence under the Bank and Other Financial Institutions Act (BOFIA) 2020. The bank indicated that it would continue to update the public list as more operators meet the heightened regulatory criteria.