The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureaux De Change (BDCs), effective December 27. In a statement by acting corporate communications director, Hakama Sidi-Ali, the bank said the approval followed provisions under BOFIA 2020 and the 2024 Regulatory and Supervisory Guidelines for BDC Operations. She added that only operators listed on the CBN website are authorised, and the register will be updated periodically.
Sidi-Ali warned that operating a BDC without a licence is an offence under Section 57(1) of BOFIA 2020, urging Nigerians to avoid unapproved forex dealers. Nigeria previously had about 5,690 BDCs, but 4,173 licences were revoked in March 2024 over non-compliance, reducing the registered number to about 1,517.