…warns public against unlicensed fx operators
The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureau de Change operators under its revised regulatory framework, marking a major step in tightening oversight of the retail foreign-exchange market.
The licences, effective November 27, 2025, were granted under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the updated Regulatory and Supervisory Guidelines for BDC Operations released earlier this year.
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In a statement signed on Monday by Hakama Sidi Ali, the CBN’s acting director of corporate communications, the regulator said the approvals followed a rigorous review process designed to strengthen compliance, improve transparency and ensure that only fit-and-proper operators participate in the market.
“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date,” Sidi Ali said.
The move effectively creates a narrower, more tightly supervised pool of BDCs following years of concerns about weak documentation, parallel-market abuses and inadequate capitalisation among operators.
The CBN has in recent months stepped up efforts to clean up the sector as part of broader reforms aimed at stabilising the naira and improving the credibility of FX administration.
Officials have repeatedly argued that unlicensed fx trading fuels market distortions, facilitates illicit flows and undermines policy reforms.
Sidi Ali said the central bank will continuously update the list of approved operators to enable the public verify which BDCs hold valid licences, adding that the list can be accessed on the CBN’s website.
“The CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification,” she said. “Members of the public are advised to avoid dealing with unlicensed Foreign Exchange Operators.”
The CBN reminded Nigerians that operating without a valid licence is a criminal offence. “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,” Sidi-Ali said.
The CBN urged individuals and businesses to exercise caution when engaging in retail fx transactions, saying adherence to the new licensing regime is essential to safeguarding transparency and protecting consumers.
“Members of the public are hereby advised to note and be guided accordingly,” Sidi-Ali said.
