CBN Publishes List of 82 Fully Licensed BDCs, Warns Nigerians Against Unregistered Forex Dealers

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The Central Bank of Nigeria (CBN) has announced the approval and issuance of final operating licenses to 82 Bureaux De Change (BDCs) under its revised regulatory guidelines.

The apex bank made this known in a press statement signed by Hakama Sidi Ali (Mrs.), Acting Director of Corporate Communications, and released on December 8, 2025.

According to the CBN, the licenses were issued in line with the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024. The newly approved BDCs are authorised to commence operations effective November 27, 2025.

The bank emphasised that only BDCs listed on its official website are recognised and approved to conduct foreign exchange transactions in Nigeria. It urged citizens, investors, and businesses to verify the status of any BDC operator through the CBN’s website to avoid engaging with illegal forex dealers.

“The Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement read.

The CBN further warned that operating a BDC business without a valid license remains a punishable offence under Section 57(1) of BOFIA 2020, stressing its readiness to enforce compliance across the financial sector.

The apex bank added that it will continue updating the list of approved BDCs for public verification as part of its efforts to sanitise the forex market and strengthen regulatory oversight.

Members of the public have been advised to take note of the new development and act accordingly, as the CBN intensifies reforms aimed at promoting transparency, accountability, and stability within Nigeria’s foreign exchange ecosystem.