The Central Bank of Nigeria (CBN) has licensed 82 Bureau De Change (BDCs) operators as part of a broader plan to stabilise the nation’s foreign exchange (FX) market and improve transparency.
Under the revised 2024 Regulatory and Supervisory Guidelines for Bureau De Change Operations, these 82 BDCs were granted final licenses to operate from November 27, 2025.
This reform is aimed at improving legitimate access to foreign exchange for small and medium-sized enterprises (SMEs) as well as larger businesses.
President Bola Tinubu’s administration has been consistent with its inherent plans to unify Nigeria’s FX market to reduce currency arbitrage and speculation.
Since Governor Olayemi Cardoso took office in September 2023, the CBN has implemented policies designed to curb currency racketeering.
Key Implications for the small and medium-sized enterprises
The appointment of duly licensed BDC Operators to align the nation’s forex rates with the CBN’s Nigerian Foreign Exchange Market (NFEM), as opposed to the parallax (black market) rate, carries some implications for small and medium-sized enterprises (SMEs).
Key impacts include:
Improved Access to Legitimate Foreign Exchange
SMEs engaged in international business, such as importing materials, paying for software, medical bills, or school fees, are the intended beneficiaries of BDC services.
The licensing process ensures that these 82 operators have the required capital and regulatory compliance to reliably meet such demands, reducing dependence on the less stable parallel market.
Market Stability and Reduced Speculation
By formalising the BDC sector and reducing unregulated and speculative operators, the CBN aims to minimise FX arbitrage and currency speculation.
This could create a more stable and predictable exchange rate environment, helping SMEs plan and budget for international transactions with greater confidence.
Enhanced Regulatory Oversight
Licensed BDCs must comply with strict Anti-money Laundering (AML) and Know Your Customer (KYC) regulations, including recording Bank Verification Numbers (BVN) for all transactions.
This transparency builds trust in formal channels, potentially attracting more legitimate FX supply and use.
Clearer Transaction Channels
SMEs are advised to use only the licensed BDCs listed on the CBN’s official website. The CBN has also directed Deposit Money Banks (DMBs) to establish dedicated teller points for processing legitimate FX requests, further integrating SMEs into formal channels.
Potential for Increased FX Supply
BDCs can now source foreign currency from multiple channels, including the Nigerian Foreign Exchange Market (NFEM), tourists, and individuals with domiciliary accounts. Formalising these sourcing channels is expected to boost liquidity in the retail market.
In essence, the move is designed to create a more transparent and reliable FX ecosystem. While it imposes stricter compliance requirements, SMEs engaged in legitimate international business stand to benefit from easier and more secure access to foreign exchange.
CBN’s Approved BDC Operators
The CBN has approved two tier-one BDCs, which are Dula Global BDC Ltd and Trurate Global BDC Ltd, along with 80 tier-two operators, including Abbufx BDC Ltd, Easy Cash BDC Ltd, High-Point BDC Ltd, Topfirst Unique Multichoice BDC Ltd, among others.
With the Monetary Policy Rate at 27%, inflation at 16.05%, the official Naira-to-Dollar rate at N1,451.86/$, high-yield Treasury Bills and FGN Bonds, the Nigerian economy is showing positive momentum.
Coupled with the Nigerian Exchange Group being among Africa’s top four best-performing stock markets this year and improving ease of doing business across states, SMEs are well-positioned to benefit.
The public is reminded that operating a BDC without a valid licence is a punishable offence. According to CBN Acting Director of Corporate Communications Hakama Sidi Ali, the central bank will continue to update the list of licensed BDCs for public verification.
While releasing the names of BDC operators is an important initiative, continuous efforts are required to ensure compliance and educate SMEs and the public on how to identify licensed versus unlicensed operators, as currency speculation and racketeering remain challenges despite prior listings.
