The Central Bank of Nigeria (CBN) has granted licences to 82
bureau de change (BDCs) to operate under its revised guidelines from November
27, 2025.
On May 22, 2024, CBN issued regulatory guidelines for bureau
de change operations after consultation with stakeholders and directed
existing BDCs to reapply for a new licence.
In a circular on Monday, the apex bank also said that only
BDCs listed on the website are authorised to operate from the aforementioned
date.
CBN warned that operating a BDC business without a valid
licence is a punishable offence under section 57(1) of the Banks and Other
Financial Institutions Act (BOFIA) 2020.
“The Central Bank of Nigeria (CBN), in exercise of its
powers conferred under the Bank and Other Financial Institutions Act (BOFIA)
2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change
Operations in Nigeria 2024 (the Guidelines), has granted Final Licenses to 82
Bureaux De Change (BDCs) to operate with effect from November 27, 2025,” the
apex bank said.
“By this notice, only Bureaux De Change listed on the Bank’s
website are authorised to operate from the effective date. While the CBN will
continue to update the list of Bureaux De Change with valid operating licences
for public verification on our website (www.cbn.gov.ng), the Bank advises the
general public to avoid dealing with unlicensed Foreign Exchange Operators.
“For the avoidance of doubt, operating a Bureau De Change
business without a valid licence is a punishable offence under Section 57(1) of
the Banks and Other Financial Institutions Act (BOFIA) 2020. Members of the
public are hereby advised to note and be guided accordingly.”
LIST OF APPROVED BDCS
Tier 1
- DULA
GLOBAL BDC LTD - TRURATE
GLOBAL BDC LTD
Tier 2
- ABBUFX
BDC LTD - ACHA
GLOBAL BDC LTD - ARCTANGENT
SWIFT BDC LTD - ASCENDANT
BDC LTD - BARACAI
BDC LTD - BERGPOINT
BDC LTD - BRAVO
MODEL BDC LTD - BRIMESTONE
BDC LTD - BROWNSTON
BDC LTD - BUZZWALLET
BDC LTD - CASHCODE
BDC LTD - CHATTERED
BDC LTD - CHRONICLES
BDC LTD - COOL
FOREX BDC LTD - CORPORATE
EXCHANGE BDC LTD - COURTESY
CURRENCY BDC LTD - DANYARO
BDC LTD - DASHAD
BDC LTD - DEVAL
BDC LTD - DFS
BDC LTD
Click this link for the full list.
On September 14, 2023, Aminu Gwadabe, the president of the
Association of Bureaux De Change Operators of Nigeria (ABCON), said there are up to 6,000 BDC centres in Nigeria.
However, on March 1, 2024, CBN revoked the
licences of 4,173 BDC operators for failing to observe regulatory provisions.
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