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CBN Removes Non-Compliant Bureaux De Change Operators from Register
The Central Bank of Nigeria (CBN) has officially removed all Bureau De Change (BDC) operators who didn’t meet the new licensing requirements by the deadline of November 30, 2025. This means those BDCs that failed to comply have automatically lost their licenses and can no longer operate as bureaux de change in Nigeria.
The CBN made this clear in a FAQ document about the ongoing bureau de change reforms, which was published on their website recently. According to reports from The PUNCH, only 82 Bureaux De Change have managed to meet the new guidelines and have been licensed to continue operating.
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This move comes after the CBN gave existing BDC operators some extra time to get their paperwork and operations in order. When the updated BDC Guidelines were first introduced, existing operators were given six months, from June 3 to December 3, 2024, to comply. Then, recognizing the challenges some operators faced, the CBN extended this compliance window by another six months, which ended on June 3, 2025. But now the patience has run out.
The final cutoff has been enforced: any Bureau De Change that didn’t meet the set requirements by November 30, 2025, is officially off the register. Their licenses have been revoked and they aren’t recognized as operating BDCs anymore. The CBN suggests anyone interested can check the current list of licensed Bureaux De Change on their website.
CBN removes non-compliant Bureaux De Change to tighten the rules and ensure only credible operators run foreign exchange services. The apex bank also mentioned it’s still accepting new applications via its Licensing, Approval, and Requests Portal, but it reserves the right to stop licensing new operators anytime.
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These tougher regulations are part of a bigger plan to boost transparency and stability in Nigeria’s foreign exchange market. The new rules introduced earlier in 2024 also raised capital requirements, meaning Tier-1 BDCs now need a minimum capital of N2 billion, while Tier-2 operators must have at least N500 million.
To sum up, CBN removes non-compliant Bureaux De Change from the register as a strong signal to keep the forex market healthier and more trustworthy. Operators now must meet these higher standards or risk losing their licenses, and the CBN isn’t holding back on enforcing these changes.
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