CBN Grants Operating Licences to 82 Bureaux de Change
The Central Bank of Nigeria (CBN) has approved final licences for 82 Bureaux de Change in accordance with the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux de Change Operations in Nigeria 2024.
This was disclosed in a notice signed by Hakama Sidi Ali, the Acting Director of Corporate Communications.
The CBN also issued a warning to unlicensed BDC operators and advised the public to remain vigilant.
The statement reads, “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 Licences 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.”
The statement added, “While the CBN will continue to update the list of Bureaux de Change with valid operating licences for public verification on our website (http://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.”
