The Central Bank of Nigeria has formally stripped all legacy Bureau De Change operators that failed to comply with its new licensing regime of their operating rights, marking one of the most sweeping regulatory crackdowns in the sector.
The development was confirmed in a Frequently Asked Questions (FAQ) document released on Tuesday as part of the apex bank’s ongoing reforms of the BDC industry. According to the CBN, any operator that did not meet the updated requirements by the stipulated deadline is no longer recognised as a licensed BDC in Nigeria.
The bank explained that the revised guidelines, introduced on 3 June 2024, initially provided a six-month transition period ending 3 December 2024 for operators to meet the new standards. To give struggling operators additional time, the CBN extended the compliance window by another six months, pushing the final deadline to 3 June 2025.
Despite the extension, many BDCs still failed to comply. The CBN stated that such operators automatically ceased to exist as licensed entities from 30 November 2025. It advised stakeholders and the public to consult its website for the updated list of approved BDCs nationwide.
The latest enforcement action comes after the central bank announced that only 82 operators had successfully met the new requirements and obtained fresh licences.
The reforms are part of broader efforts to sanitise the foreign exchange market, enhance transparency, and curb abuses that have historically plagued the BDC sub-sector. Under the new framework, introduced in February 2024, BDCs are now classified into two tiers with significantly higher capital thresholds. Tier-1 operators must maintain a minimum capital base of ₦2 billion, while Tier-2 operators are required to have at least ₦500 million.
The CBN also noted that applications from new promoters will continue to be received through its Licensing, Approval and Requests Portal, stressing that only applicants who meet the stringent criteria will be granted approvals. However, it cautioned that the bank retains the discretion to halt new BDC licensing at any time.
The regulatory overhaul signals the CBN’s renewed drive to tighten oversight and restore confidence in the FX market following years of irregularities and weak supervision within the BDC industry.
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