CBN-2.webp
The Digest:

The Central Bank of Nigeria has issued final operating licences to 82 Bureau De Change operators in line with its updated regulatory framework, while warning the public against patronising unlicensed forex dealers. This follows the revocation of over 4,000 BDC licences earlier in the year and marks a significant restructuring of Nigeria's foreign exchange retail sector.

Key Points:
  • The CBN granted final licences to 82 BDCs effective November 27, 2025
  • Operators are divided into Tier 1 and Tier 2 categories based on capital requirements
  • The apex bank warned that operating without a licence violates BOFIA 2020
  • Only BDCs listed on the CBN website are authorised to operate legally
  • The public is advised to verify licences online before engaging BDC services
  • This follows the 2024 revocation of 4,173 BDC licences for regulatory breaches
  • The move aims to streamline forex operations and enhance market transparency
Markets, like institutions, require structure to weather volatility. This recalibration of Nigeria's forex retail space reflects an attempt to build stability—rooting out weakness to foster a system that can withstand both internal and external pressures.

Sources: The Cable, Punch