The Central Bank of Nigeria (CBN) has taken decisive action to regulate the country’s foreign exchange market, granting final operating licenses to 82 Bureau De Change while issuing stern warnings to Nigerians against patronizing unlicensed operators.
The apex bank’s approval, which took effect on November 27, 2025, represents the first wave of licensing under its revised 2024 Regulatory and Supervisory Guidelines for BDC Operations—a framework designed to bring greater transparency and accountability to Nigeria’s forex trading ecosystem.
In a statement released on Monday and signed by Acting Director of Corporate Communications Hakama Sidi Ali, the CBN made clear that only operators appearing on its official website are authorized to conduct foreign exchange business in the country. The bank emphasized this is not a final list, noting that additional names will be added as more applications receive approval.
“The CBN will continue to update the list of Bureau De Change with valid operating licences for public verification on our website,” the statement indicated, urging Nigerians to verify any BDC’s legitimacy online before conducting transactions.
The regulatory crackdown comes amid longstanding concerns about the proliferation of illegal forex dealers across Nigeria, particularly in major commercial centers. The CBN’s statement underscored the legal consequences facing unlicensed operators, citing Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which makes operating a bureau de change without proper authorization a punishable offense.
Industry observers see the move as part of the central bank’s broader strategy to stabilize Nigeria’s foreign exchange market, which has experienced significant volatility in recent years. By restricting operations to licensed entities, regulators aim to enhance oversight, prevent currency speculation, and protect consumers from fraudulent operators.
The timing of this regulatory tightening is particularly significant, coming as Nigeria continues to navigate economic challenges including inflation pressures and foreign exchange scarcity. Licensed BDCs are expected to operate within strict guidelines that promote market stability while providing legitimate forex services to Nigerians.
The CBN’s warning to the public reflects growing concern about citizens losing money to unauthorized dealers who often operate with impunity. By directing Nigerians to verify licenses through its website, the central bank is placing responsibility on consumers to ensure they deal only with legitimate operators.
As the regulatory landscape evolves, market watchers will be monitoring whether this licensing framework achieves its dual objective of curbing illegal forex trading while ensuring adequate access to foreign exchange for legitimate business and personal needs across the country.
WHAT YOU SHOULD KNOW
The Central Bank of Nigeria has licensed only 82 Bureau De Change to legally operate foreign exchange services as of November 27, 2025.
Nigerians must verify any BDC’s legitimacy on the CBN’s official website before conducting transactions—dealing with unlicensed operators is both risky and illegal under Nigerian law.
This crackdown aims to protect consumers from fraud and stabilize the forex market. When in doubt, check the CBN website first.
