Nigeria’s foreign exchange (FX) market may finally be showing signs of order. The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureaux de Change (BDC) operators under its 2024 regulatory framework, a move aimed at sanitizing a market long plagued by unlicensed operators and opaque trading.
Under the new rules, only licensed BDCs can legally buy and sell foreign currency. The CBN introduced two licence tiers:
- Tier 1: ₦2 billion minimum capital base
- Tier 2: ₦500 million minimum capital
Of the 82 licences granted in this round, only two operators qualified for the heavy-duty Tier 1, while the remaining 80 were Tier 2, restricted to a single state each. The licences became effective on November 27, 2025, and from that date, only BDCs listed on the official CBN website are allowed to operate legally. Customers are urged to verify their BDC before transacting, as dealing with unlicensed operators risks exposure to illicit activity.
This licensing round follows a sweeping 2024 crackdown in which the CBN cancelled over 4,000 BDC licences for breaches including unpaid fees and violations of anti-money laundering regulations. Security agencies also supported the initiative by targeting street-level FX trading, which had become common amid naira volatility.
For everyday Nigerians, especially those trying to stick to official rates rather than parallel-market prices, the reform offers relief. The naira’s official and black-market rates have been converging in recent months, and the CBN hopes that tightening BDC regulation will sustain this trend.
The message is clear: if your BDC isn’t on the CBN’s official list, don’t trust it with your dollars.