CBN confirms 82 licensed BDCs under revised guidelines

The Central Bank of Nigeria (CBN) has approved licenses of 82 Bureau De Change (BDC) operators under its revised guidelines.

In a statement released yesterday and signed by CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the only two operators met the Tier-1 category plan of N2 billion capital base.

The Tier-1 operators are Dula Global BDC Ltd, Trurate Global BDC Ltd. Others  in the Tier-2  category, with N500 million capital base  include Abbufx BDC Ltd, Acha Global BDC Ltd, Arctangent Swift BDC Ltd, Ascendant BDC Ltd,  Baracai BDC Ltd  and Bergpoint BDC Ltd. Others include Bravo Model BDC Ltd, Brimestone BDC Ltd , Brownston BDC Ltd, Buzzwallet BDC Ltd, Cashcode BDC Ltd, Chattered BDC Ltd and Chronicles BDC Ltd among others.

The CBN had raised the minimum capital requirements significantly in May 2024, from N35 million to N2 billion for Tier 1 licenses and N500 million for Tier 2. The apex bank set June 3, 2025 deadline set for BDCs to achieve a new minimum capital requirements.

Sidi Ali, said: “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 Licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025”.

She explained that by the notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date.

She said that while the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on CBN website, the apex 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,” she said.

The new CBN guidelines for the sector requires all Tier-1 BDCs to operate nationally, while the Tier-2 BDCs can only operate in one state within the Federation.

The capital raising was part of reforms to re-position the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.

The guideline was issued after the conclusion of stakeholder consultations and in exercise of the powers conferred on the CBN by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The guidelines, amongst others, introduces new licensing requirements and categories of BDCs as well as revises the permissible activities, financial requirements, corporate governance requirements and AML/CFT/CPF provisions for BDCs.

It requires that all existing BDCs re-apply for a new license according to any of the Tiers or license category of their choice.

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According to the new guideline, “Tier-1 BDC may operate in any state of the Federation and the Federal Capital Territory (FCT), may establish branches and appoint franchisees in any State and FCT, subject to the written approval of the CBN and shall maintain a minimum distance of one kilometre between its branches, its branch and a franchisee, and between its franchisees”.

 It is permitted to exercise oversight on its franchisees, with all franchisees allowed to adopt their franchisor’s name, logo, branding, technology platform and regulatory rendition requirements.

By the new rule, Tier 2 BDC Licence is permitted to operate only in one State of the Federation or the FCT; allowed to establish five branches in a State of operation, subject to the written approval of the CBN and required to maintain a minimum distance of one kilometre between its branches but is not allowed to appoint franchisees.

The new rule further stops commercial, merchant, non-interest and payment service banks., financial holding companies, other Financial Institutions (OFIs), including International Money Transfer Operators and payment service providers, serving staff of financial services regulatory and supervisory agencies and serving staff of regulated financial services providers, among others from owning BDC license.