The Central Bank of Nigeria (CBN) has revoked the operating licences of 1,435 Bureau De Change (BDC) operators for failing to meet the new capital and compliance requirements, one of the most extensive regulatory overhauls the subsector has ever seen.
This update was contained in a newly published document, “Frequently Asked Questions (FAQs) on the Current Reform of the Bureau De Change Sub-Sector,” posted on the CBN’s website obtained by Fintech Insights.
According to the apex bank, legacy BDCs were given:
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An initial 6-month transition window (June 3–Dec. 3, 2024)
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A further 6-month extension ending June 3, 2025
Operators that still failed to comply were given until November 30, 2025 to regularise their status. The CBN said any BDC that missed this final deadline “has ceased to be a BDC, as its licence no longer exists.”
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Members of the public have been advised to consult the CBN’s website for the updated list of authorised operators.
Sector Shrinks From Thousands to Dozens
The BDC industry has undergone drastic contraction in just two years.
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In 2023, Nigeria had 5,687 licensed BDCs.
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In March 2024, the CBN revoked 4,173 licences for regulatory breaches, reducing the number to about 1,517.
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By November 27, 2025, only 82 BDCs had secured final licences under the new, tougher rules.
The reforms are aimed at sanitising the foreign-exchange market and curbing illicit currency trading.
Street Traders vs Licensed BDCs
The CBN also clarified the difference between licensed operators and street currency traders.
A street trader, it said, is anyone buying or selling FX in public places without a licence, usually conducting undocumented cash transactions.
A licensed BDC is a regulated entity operating strictly under CBN guidelines and listed on its official website.
Licences Cannot Be Transferred
The apex bank reiterated that BDC licences and ownership stakes cannot be transferred without regulatory approval. No operator may:
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Transfer or sell its licence
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Merge or restructure ownership
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Bring in external management
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Dispose of its business
Any such action requires prior CBN approval.
Family-Owned BDCs Allowed
The bank confirmed that family members may pool funds to apply for a BDC licence as long as they meet all regulatory requirements.
No Cap on FX Sales to BDCs
There is no limit to how much foreign currency individuals can sell to licensed BDCs. However, operators must comply with AML/CFT regulations and obtain source-of-funds information for transactions above $10,000.
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