The Central Bank of Nigeria (CBN) has confirmed the approval of final operating licences for 82 Bureaux De Change under its updated regulatory framework, cautioning Nigerians to avoid patronising unlicensed foreign exchange dealers.
The approval is based on the 2024 Regulatory and Supervisory Guidelines for BDC Operations and took effect from November 27, 2025.
The announcement was contained in a statement issued on Monday and signed by the Acting Director, Corporate Communications, Mrs Hakama Sidi Ali.
The bank stated that only operators listed on its website are recognised to conduct business.
According to the statement, “only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date.”
The apex bank emphasised that more names would be added as their approvals are finalised, noting that the public can verify all valid licences online.
“The CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website,” the statement added.
It also advised the public to “avoid dealing with unlicensed Foreign Exchange Operators.”
The CBN reiterated that operating a bureau de change without the required approval is an offence under the Banks and Other Financial Institutions Act. It warned that offenders would be sanctioned. “Operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of BOFIA 2020,” the statement further read.
The Bank urged the public to be cautious when conducting forex transactions, saying the clarification was necessary to prevent members of the public from falling victim to illegal operators. The statement concluded that members of the public “are hereby advised to note and be guided accordingly.
The confirmation of 82 licences comes as the CBN intensifies its efforts to bring greater transparency and structure to the forex market, following several policy reforms over the past months.
In May 2024, the CBN released the approved guidelines for operations of Bureau De Change (BDCs) across the country while asking BDCs to reapply for licensing online with the new regulatory requirements in the next six months.
According to the new regulatory requirements, Tier-1 BDCs are mandated to have a minimum capital base of N2 billion while that of Tier-1 was set at N500 million.
Furthermore, the bank set the application fee for a Tier-1 license at N1 million and that of Tier-2 at N250,000. The licensing fees for Tier-1 and Tier-2 BDCs were set at N5 million and N2 million, respectively.
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NSITF hails NLC for advocating for social protection, worker’s welfare
Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Falaye, has described the Nigerian Labour Congress (NLC) as a veritable partner in social protection of Nigerian workers.
Faleye made the disclosure in Lagos while addressing the National Executive Council (NEC) of the NLC which took place in Lagos, noting that the NSITF is a major stakeholder in the advancement of the welfare of the workers.
“As a stakeholder in the welfare and advancement of the welfare of the members of the Nigerian Labour Congress across the nation, I use this opportunity to bring the goodwill of the Board and Management of NSITF to Nigerian Labour Congress. The Fund is your veritable partner in the social protection and security of all of Nigerian workers whose welfare you represent”.
While commending the NLC’s leadership for ceaselessly canvassing for improved and enhanced welfare for the Nigerian worker, the NSITF MD said “On this occasion, I want to place on record the steadfastness of NLC and its leadership in advocating for enhanced welfare for all Nigerian workers, and use this opportunity to salute all of the personal sacrifices that you’ve demonstrated towards the collective advancement of workers’ rights and benefits.
“This steadfastness is evident in the work that we do together as stakeholders in progress”.
Speaking further, Barr. Faleye maintained that “We see this commitment every day from the passion and courage demonstrated by our presidents and all of the leadership of NLC.
“Of course, in the work that your representatives do on the Board of the Nigerian Social Insurance Trust Fund, every time advancing the cause of workers’ benefits and workers’ protection through the mandate of the Nigerian Social Insurance Trust Fund.
“And it is for this reason that I find it very, very instructive that I’ve been invited today to speak to you about the role of the Nigerian Social Insurance Trust Fund in supporting your objective,and which is the welfare of Nigerian workers”.
