The Central Bank of Nigeria (CBN) has officially licensed 82 Bureau De Change (BDC) operators under its revised regulatory framework. The announcement was made in a statement by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN.

According to the statement, only two operators qualified for Tier-1 status, which requires a N2 billion capital base. These are Dula Global BDC Ltd and Trurate Global BDC Ltd. The remaining BDCs fall under Tier-2, which requires a N500 million capital base, and include companies such as Abbufx BDC Ltd, Acha Global BDC Ltd, Arctangent Swift BDC Ltd, Ascendant BDC Ltd, Baracai BDC Ltd, Bergpoint BDC Ltd, among others.

The revised capital requirements were introduced in May 2024, increasing the minimum capital from N35 million to N2 billion for Tier 1 and N500 million for Tier 2. The CBN had set a deadline of June 3, 2025, for all BDCs to meet the new thresholds.

Mrs. Sidi Ali emphasized:

“The Central Bank of Nigeria (CBN), in exercise of its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Regulatory and Supervisory Guidelines for BDC Operations 2024, has granted final licenses to 82 BDCs effective November 27, 2025. Only BDCs listed on the CBN website are authorised to operate.”

She further warned the public to avoid dealing with unlicensed foreign exchange operators, stating that operating a BDC without a valid license is punishable under Section 57(1) of BOFIA 2020.

Tiered Operations and Franchise Rules

The new guidelines categorize BDCs into Tier-1 and Tier-2, with specific operational scopes:

• Tier-1 BDCs:
  • May operate in any state or the Federal Capital Territory (FCT)
  • Can establish branches and appoint franchisees, subject to CBN approval
  • Must maintain at least 1 km distance between branches and franchisees
  • Oversees franchise operations, including branding, technology, and regulatory compliance
• Tier-2 BDCs:
  • Operates in only one state or FCT
  • May establish up to five branches in the state, subject to CBN approval
  • Cannot appoint franchisees
  • Must maintain 1 km distance between branches

Additionally, the revised rules prohibit ownership of BDC licenses by commercial, merchant, non-interest and payment service banks, financial holding companies, other financial institutions (OFIs), international money transfer operators, and certain staff of financial regulatory agencies.

CBN’s Objectives

The capital reforms and regulatory overhaul are designed to reposition the BDC subsector to play a stronger role in Nigeria’s foreign exchange market, improve governance and operational efficiency, and ensure compliance with AML/CFT/CPF provisions.

“The guideline ensures that BDC operations are aligned with international best practices, enhancing transparency and accountability in the sector,” Mrs. Sidi Ali added.

The CBN will continue to update the public list of licensed BDCs on its website and urged Nigerians to verify any BDC’s operating status before transacting.