- Safiu Kehinde
The Central Bank of Nigeria (CBN) has reduced the number of licensed Bureau de Change operators across the country to 82.
This was announced in a statement issued by the apex bank on Monday.
According to the statement issued by the CBN’s Director of Corporate Communications, Hakama Sidi Ali, the BDC operators the final license which was granted to 82 BDCs took effect from 27th of November.
CBN held that the list will be updated on its portal while warning operators from operating without valid license.
The apex bank urged members of the public to avoid dealing with unlicensed Foreign Exchange Operators as it disclosed that the updated list of registered operators will be published on its official website, www.cbn.gov.ng.
The statement read; “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.
“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.”