The Central Bank of Nigeria (CBN) has approved licences for 82 bureau de change (BDC) operators in line with its revised regulatory guidelines effective November 27, 2025.
On May 22, 2024, the CBN issued updated guidelines for BDC operations following consultations with industry stakeholders and directed all existing operators to reapply for fresh licences.
In a circular released on Monday, the apex bank clarified that only BDCs listed on its website are authorised to operate under the new regime.
“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 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.”
The CBN also reminded Nigerians that operating a BDC without a valid licence attracts penalties under BOFIA 2020.
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