The Central Bank of Nigeria has confirmed the revalidation of 82 Bureau-de-Change (BDC) operators as part of its ongoing overhaul of the foreign-exchange market and compliance framework.
The approvals mark the first major phase of the regulator’s recertification programme, which was introduced after a comprehensive review of the BDC landscape led to the withdrawal of thousands of licences last year.
The new process is designed to enforce stricter operating standards, improve transparency, and ensure alignment with updated foreign-exchange guidelines.
According to industry analysts, the revalidation exercise signals the CBN’s intention to build a more orderly retail FX market by limiting participation to operators that meet the strengthened regulatory benchmarks. These include updated capital requirements, enhanced governance structures, and more robust reporting obligations.
The central bank’s decision is also seen as part of a broader effort to restore confidence in the FX system, reduce market distortions, and consolidate oversight of currency dealers.
By narrowing the pool of approved operators, the CBN aims to streamline transactions and reduce the operational risks that previously contributed to pricing inefficiencies.
Market watchers say the revalidation of the 82 operators provides clarity for stakeholders and is expected to support liquidity planning by banks, corporates, and authorised market participants.
The move also underscores the regulator’s continued commitment to stabilising the FX environment, following months of policy adjustments aimed at improving market discipline.
While further phases of the recertification programme are anticipated, analysts note that the CBN is likely to prioritise sustained compliance and transparent operations across the BDC segment as it continues to refine the FX architecture.