The Central Bank of Nigeria has issued final licences to 82 bureau de change operators to begin operations under its revised regulatory framework from November 27, 2025.
The apex bank had on May 22, 2024 released new guidelines for bureau de change operations after consultations with industry stakeholders and directed all existing operators to reapply for fresh licences.
In a circular issued on Monday, the bank announced that only bureau de change operators listed on its website are authorised to operate from the effective date. The bank also cautioned that operating a bureau de change business without approval remains a criminal offence under the Banks and Other Financial Institutions Act 2020.
According to the statement, the approvals were granted in line with the provisions of BOFIA 2020 and the 2024 regulatory guidelines for bureau de change operations in Nigeria. The CBN added that it will continue to update the list of approved operators on its website for public verification.
The bank advised the public to avoid dealing with unlicensed foreign exchange operators and reminded operators that failure to obtain a valid licence attracts penalties as stipulated under Section 57 of BOFIA.
The approved list includes two tier one bureau de change operators, Dula Global BDC Limited and Trurate Global BDC Limited, while 80 other companies were granted tier two licences. They include AbbUFX BDC Limited, Acha Global BDC Limited, Arctangent Swift BDC Limited, Ascendant BDC Limited, Baracai BDC Limited and Bergpoint BDC Limited among others.
Industry figures show that Nigeria had as many as 6,000 bureau de change centres as of September 14, 2023, according to the president of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe. However, the CBN revoked the licences of 4,173 operators on March 1, 2024 for various regulatory infractions.
