The Central Bank of Nigeria (CBN) has confirmed that only 82 Bureau De Change (BDC) operators currently hold valid licenses to operate in the country. The announcement, made on Monday through a statement signed by the Bank’s spokesperson, Hakama Sidi Ali, marks one of the most significant regulatory actions taken by the apex bank in recent months.
The CBN said the new licenses were issued in line with its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations. According to the statement, the approvals became effective on November 27, 2025.
This move comes at a time when Nigeria continues to struggle with foreign exchange shortages, rising inflation, and a volatile parallel market. The regulation of BDCs has been a major topic in government efforts to stabilize the naira and clean up the forex market.
The apex bank stressed that any individual or company operating a BDC without a valid license is in violation of Section 57 of BOFIA 2020. This section makes it an offense to run a financial service business without proper authorization.
“By this notice, only Bureaux De Change listed on the Bank’s website are authorized to operate from the effective date,” the CBN stated.
The Bank added that the list will be updated regularly on its website and warned Nigerians to avoid dealing with unlicensed forex dealers. It emphasized that such activities carry risks ranging from fraud to money laundering.
“For the avoidance of doubt, operating a Bureau De Change business without a valid license is a punishable offense under Section 57(1) of BOFIA 2020. Members of the public are hereby advised to note and be guided accordingly,” the statement said.
For years, the Bureau De Change sector has played a major role in Nigeria’s retail foreign exchange market, serving individuals and small businesses that need dollars, pounds, euros, and other currencies for travel, school fees, healthcare, and imports.
However, the industry has often operated in a loosely regulated environment. Many BDCs have been accused of illegal practices, including hoarding foreign currency, encouraging speculation, and contributing to the widening gap between the official and parallel market exchange rates.
These problems became worse in recent years due to dollar shortages and market uncertainty. At several points, the naira experienced sharp depreciation, and the central bank faced pressure to take tougher action.
Past CBN administrations attempted reforms, including suspending the sale of foreign exchange to BDCs in 2021, accusing them of misconduct. But the new regulatory approach focuses more on licensing, monitoring, and strengthening compliance rather than abolishing the sector.
The release of a fresh list of only 82 fully licensed operators signals a stricter regime aimed at restoring order and boosting confidence in the forex market.
The companies listed by the CBN fall under two categories: Tier 1 and Tier 2.
Tier 1 operators are expected to have stronger financial capacity, wider reach, and more sophisticated operational structures. Only two BDCs were approved under this group:
Dula Global BDC Ltd
Trurate Global BDC Ltd
Tier 2 operators, which make up the majority of the approved entities, handle smaller operations and serve more localized markets. These operators are subject to different capital requirements and guidelines under the new regulatory structure.
Below is the complete list of Tier 2 BDCs approved by the CBN:
AbbuFX BDC Ltd
Acha Global BDC Ltd
Arctangent Swift BDC Ltd
Ascendant BDC Ltd
Baracai BDC Ltd
Bergpoint BDC Ltd
Bravo Model BDC Ltd
Brimestone BDC Ltd
Brownston BDC Ltd
Buzzwallet BDC Ltd
Cashcode BDC Ltd
Chattered BDC Ltd
Chronicles BDC Ltd
Cool Forex BDC Ltd
Corporate Exchange BDC Ltd
Courtesy Currency BDC Ltd
Danyaro BDC Ltd
Dashad BDC Ltd
Deval BDC Ltd
DFS BDC Ltd
Easy Cash BDC Ltd
Elelem BDC Ltd
E-Lioyds BDC Ltd
Elogoz BDC Ltd
Enouf BDC Ltd
Ever Joj Gold BDC Ltd
Excel Rijiya Forex BDC Ltd
Fabforex BDC Ltd
Fellom BDC Ltd
Fine BDC Ltd
Fomat BDC Ltd
Genelo BDC Ltd
Gentle Breeze BDC Ltd
Graceful Glory and Humility BDC Ltd
Greengate BDC Ltd
Greenvault BDC Ltd
Hazon Capital BDC Ltd
High-Point BDC Ltd
I & I Exchange BDC Ltd
Ibn Maryam BDC Ltd
Journey Well BDC Ltd
Keepers BDC Ltd
Khadhouse Solutions BDC Ltd
Kimmelfx BDC Ltd
Kingsoft Atlantic BDC Ltd
M.S. Alheri BDC Ltd
Masters BDC Ltd
Mcmena BDC Ltd
Mkoo BDC Ltd
MKS BDC Ltd
Mr J Golf BDC Ltd
Musdiq BDC Ltd
MZ Forex BDC Ltd
Nejj BDC Ltd
Netvalue BDC Ltd
New Wave BDC Ltd
Notable and Kingston BDC Ltd
Pilcrow BDC Ltd
Rapid BDC Ltd
Rightway BDC Ltd
Rwanda BDC Ltd
Sables BDC Ltd
Safetranz BDC Ltd
Samfik BDC Ltd
Sevenlocks BDC Ltd
Shapearl BDC Ltd
Simtex BDC Ltd
Solid White BDC Ltd
St. Nicholas Global BDC Ltd
Topfirst Unique Multichoice BDC Ltd
Topgate BDC Ltd
Traveller’s Choice BDC Ltd
Tuca Global BDC Ltd
Turbova BDC Ltd
Turn-Up BDC Ltd
Unigo BDC Ltd
Victory Ahead BDC Ltd
Whiteway WWW BDC Ltd
Yund Global Link BDC Ltd
Zamad Forex BDC Ltd
For ordinary Nigerians, the tighter licensing regime means that only properly regulated BDCs can legally buy and sell foreign currency. This could help reduce fraud, reduce market manipulation and improve transparency in the retail forex market.
It may also support the CBN’s efforts to stabilize the naira, although the impact will depend on broader economic policies, foreign reserve levels and market confidence.
