Retail foreign exchange traders, also known as Bureau De Change (BDC) operators, have expressed optimism that the Central Bank of Nigeria (CBN) will issue additional final operating licences in the coming weeks, following the approval of an initial 82 operators under its revised regulatory framework.
The approvals, announced on December 8, 2025, mark a significant milestone in the CBN’s efforts to reform and sanitise Nigeria’s retail foreign exchange market. However, industry stakeholders say the number represents only a fraction of applications already submitted and capital raised, with expectations that more operators will soon receive approval.
In May 2024, the CBN introduced new capital requirements for BDCs, setting a minimum of ₦2 billion for Tier-1 licences and ₦500 million for Tier-2 licences, up from the previous ₦35 million threshold under the former general licensing regime. Tier-1 operators are permitted to operate nationwide, while Tier-2 BDCs are limited to operations within a single state.
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The revised structure was introduced under the CBN’s Regulatory and Supervisory Guidelines for BDC Operations, following stakeholder consultations and in line with Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Although the new guidelines have significantly reduced the number of eligible operators, stakeholders insist the licensing process remains ongoing and that more approvals are imminent.
Speaking to Nairametrics, President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, said the 82 approved operators represent only the first batch of applicants who completed the process at the time the circular was issued.
“It’s an ongoing exercise. Initially, there was concern about the jump from ₦35 million to ₦500 million. Many operators went into consultations before committing,” he said.
“These were the first set who had paid when the circular came out. Many others have since paid, and the window is still open. The figure is still very small.”
Gwadebe disclosed that the number of operators that have met the requirements already exceeds the 82 published by the CBN, adding that the apex bank has assured stakeholders of an accelerated approval process.
“A lot of people have paid, even more than the 82 now. It’s only a matter of when they will be brought on board. The CBN has assured us that the process will be accelerated,” he said.
The new regulatory framework has drastically reshaped the BDC sector. According to Gwadebe, thousands of operators were delisted for non-compliance even before the recapitalisation policy was introduced.
“Through strict compliance requirements, about 4,600 operators were weeded out, leaving roughly 1,600 as of 2024. Now, with recapitalisation, over 95 per cent have been screened out. The current figure shows that fewer than five per cent have met the requirements,” he noted.
In its December 8, 2025 statement, the CBN confirmed that the approval of the 82 BDC operators took effect from November 27, 2025, stressing that only firms listed on its website are authorised to conduct BDC business. The bank also warned the public against patronising unlicensed forex dealers, adding that more names will be published as approvals are finalised.
ABCON had earlier criticised the sharp increase in capital requirements, arguing that the policy deviates from international best practices.
