82 BDCs Get Full Clearance as CBN Implements Tougher Guidelines

The Central Bank of Nigeria (CBN) said it has granted final licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025.

CBN disclosed this in a statement on Monday, December 8, by its Acting Director of Corporate Communications, Hakama Sidi Ali.

CBN said it acted in line with its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.

“By this notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date,” CBN stated.

It noted that it will continue to update the list of BDCs with valid operating licences for public verification on its website.

“The Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators.

“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,” CBN warned.

The apex bank urged members of the public to take note and be guided accordingly.

Pinnacle Daily reports that the CBN had, in May 2024, issued new operational guidelines for BDCs.

The guidelines, effective June 3, 2024, directed all existing BDCs to reapply for new licences.

It provided that BDC operators with Tier 1 licences raised their capital base to N2 billion, while those with Tier 2 licences to N500 million.

The operators were also required to pay a non-refundable licence fee of N5 million and N2 million, respectively.

At the time, the CBN gave both the Tier 1 and Tier 2 BDC operators six months to meet the minimum capital requirement.

It later extended the deadline by an additional six months, which ended on Tuesday, June 3.

The president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, had raised concern, hinting at a time that only about 10 per cent of the over 5,000 licensed BDC operators have met the new CBN minimum capital requirements.

He had reportedly said the CBN’s June 3 recapitalisation deadline for the BDC operators remained “sacrosanct”.

List of the approved BDCs

TIER 1

1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD

TIER 2

1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD