CBN grants licences to 82 BDCs

The Central Bank of Nigeria (CBN) has granted licences to 82 bureau de change (BDCs) to operate under its revised guidelines from November 27, 2025.

On May 22, 2024, CBN issued regulatory guidelines for bureau de change operations after consultation with stakeholders and directed existing BDCs to reapply for a new licence.

In a circular on Monday, the apex bank also said that only BDCs listed on the website are authorised to operate from the aforementioned date.

CBN warned that operating a BDC business without a valid licence is a punishable offence under section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

“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,” the apex bank said.

“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date. While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website (www.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.”

LIST OF APPROVED BDCS

Tier 1

1. DULA GLOBAL BDC LTD
2. TRURATE GLOBAL BDC LTD

Tier 2

1. ABBUFX BDC LTD
2. ACHA GLOBAL BDC LTD
3. ARCTANGENT SWIFT BDC LTD
4. ASCENDANT BDC LTD
5. BARACAI BDC LTD
6. BERGPOINT BDC LTD
7. BRAVO MODEL BDC LTD
8. BRIMESTONE BDC LTD
9. BROWNSTON BDC LTD
10. BUZZWALLET BDC LTD
11. CASHCODE BDC LTD
12. CHATTERED BDC LTD
13. CHRONICLES BDC LTD
14. COOL FOREX BDC LTD
15. CORPORATE EXCHANGE BDC LTD
16. COURTESY CURRENCY BDC LTD
17. DANYARO BDC LTD
18. DASHAD BDC LTD
19. DEVAL BDC LTD
20. DFS BDC LTD

Click this link for the full list.

On September 14, 2023, Aminu Gwadabe, the president of the Association of Bureaux De Change Operators of Nigeria (ABCON), said there are up to 6,000 BDC centres in Nigeria.

However, on March 1, 2024, CBN revoked the licences of 4,173 BDC operators for failing to observe regulatory provisions.