The Central Bank of Nigeria (CBN), has granted final operating licences to 82 Bureau‑De‑Change (BDC), operators under its updated regulatory framework.
The new licences became effective on November 27, 2025.
CBN has warned the public to only transact with BDCs whose names appear on its official website, reminding that dealing with unlicensed operators is risky and unlawful.
This move aligns with the bank’s 2024 overhaul of the BDC regulatory framework — part of efforts to clean up the foreign‑exchange (FX) market, stamp out illicit or unregulated forex trading, and restore trust in legitimate currency trading channels.
Understanding the new BDC Licensing Regime
Under the 2024 guidelines for BDC operations:
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BDCs must re‑apply for fresh licences to continue operating.
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Licences are issued in two Tiers:
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Tier 1 — for operators with higher capital base, allowed to operate across all states/FCT.
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Tier 2 — for operators meeting a lower capital threshold, limited to operations presumably within a single state.
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The new capital base requirement for Tier 1 is – ₦2 billion, and for Tier 2 – ₦500 million.
According to CBN’s announcement: of the 82 newly licensed BDCs, 2 are Tier 1, and the remaining 80 are Tier 2.
This re‑licensing and re-capitalisation initiative aims to tighten oversight, improve compliance (including anti‑money‑laundering/AML controls), discourage rogue or unregulated currency dealers, and stabilise retail FX trading.
It also builds on a major purge in 2024, when CBN revoked thousands of BDC licences for non‑compliance.
Why this Matters (and what it could mean for Nigerians)
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Greater legitimacy and transparency — With a clean, verified list, consumers and businesses can now more easily confirm which BDCs are officially licensed before transacting.
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Reduced risk of fraud/illegitimate forex dealings — The crackdown on unlicensed BDCs should decrease the prevalence of shady “black‑market” forex exchange operators, reducing risks for ordinary users.
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More stability in the retail FX market — The stricter capital requirements and regulatory oversight may help stabilise currency‑exchange rates, reduce speculative abuses or erratic supply, and restore some confidence in regulated BDCs.
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Better regulatory compliance and oversight — The new licensing regime is likely to enforce better standards (reporting, AML/CFT compliance), which could improve the overall health of the foreign exchange sector.
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Limits on operations for weaker BDCs — Tier 2 operators are limited to one state, which may constrain their reach — but also helps ensure they stay within manageable oversight zones.
For consumers, the key takeaway is: always check if the BDC you’re dealing with is on the official CBN list before any currency exchange.
The Full List — 82 Newly Licensed BDCs (Tier 1 & Tier 2)
Below is the full breakdown of the newly licensed BDCs (as published by CBN).
Tier 1
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DULA GLOBAL BDC LTD
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TRURATE GLOBAL BDC LTD
Tier 2
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ABBUFX BDC LTD
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ACHA GLOBAL BDC LTD
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ARCTANGENT SWIFT BDC LTD
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ASCENDANT BDC LTD
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BARACAI BDC LTD
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BERGPOINT BDC LTD
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BRAVO MODEL BDC LTD
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BRIMESTONE BDC LTD
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BROWNSTON BDC LTD
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BUZZWALLET BDC LTD
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CASHCODE BDC LTD
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CHATTERED BDC LTD
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CHRONICLES BDC LTD
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COOL FOREX BDC LTD
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CORPORATE EXCHANGE BDC LTD
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COURTESY CURRENCY BDC LTD
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DANYARO BDC LTD
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DASHAD BDC LTD
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DEVAL BDC LTD
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DFS BDC LTD
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EASY CASH BDC LTD
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ELELEM BDC LTD
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E-LIOYDS BDC LTD
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ELOGOZ BDC LTD
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ENOUF BDC LTD
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EVER JOJ GOLD BDC LTD
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EXCEL RIJIYA FOREX BDC LTD
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FABFOREX BDC LTD
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FELLOM BDC LTD
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FINE BDC LTD
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FOMAT BDC LTD
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GENELO BDC LTD
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GENTLE BREEZE BDC LTD
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GRACEFUL GLORY AND HUMILITY BDC LTD
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GREENGATE BDC LTD
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GREENVAULT BDC LTD
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HAZON CAPITAL BDC LTD
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HIGH‑POINT BDC LTD
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I & I EXCHANGE BDC LTD
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IBN MARYAM BDC LTD
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JOURNEY WELL BDC LTD
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KEEPERS BDC LTD
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KHADHOUSE SOLUTIONS BDC LTD
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KIMMELFX BDC LTD
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KINGSOFT ATLANTIC BDC LTD
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M.S. ALHERI BDC LTD
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MASTERS BDC LTD
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MCMENA BDC LTD
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MKOO BDC LTD
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MKS BDC LTD
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MR J GOLF BDC LTD
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MUSDIQ BDC LTD
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MZ FOREX BDC LTD
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NEJJ BDC LTD LTD
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NETVALUE BDC LTD
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NEW WAVE BDC LTD
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NOTABLE AND KINGSTON BDC LTD
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PILCROW BDC LTD
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RAPID BDC LTD
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RIGHTWAY BDC LTD
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RWANDA BDC LTD
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SABLES BDC LTD
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SAFETRANZ BDC LTD
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SAMFIK BDC LTD
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SEVENLOCKS BDC LTD
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SHAPEARL BDC LTD
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SIMTEX BDC LTD
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SOLID WHITE BDC LTD
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ST. NICHOLAS GLOBAL BDC LTD
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TOPFIRST UNIQUE MULTICHOICE BDC LTD
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TOPGATE BDC LTD
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TRAVELLER’S CHOICE BDC LTD
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TUCA GLOBAL BDC LTD
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TURBOVA BDC LTD
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TURN‑UP BDC LTD
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UNIGO BDC LTD
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VICTORY AHEAD BDC LTD
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WHITEWAY WWW BDC LTD
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YUND GLOBAL LINK BDC LTD
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ZAMAD FOREX BDC LTD
What to do as a Customer or Business
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Before transacting foreign currency (buying or selling), check that the BDC is on the official CBN list.
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Demand documentation or verify licence status — unlicensed BDCs may be operating illegally or unsafely.
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Be aware that Tier‑2 BDCs may be limited to certain states; confirm that they are licensed to operate where you are.
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Monitor updates — CBN has promised to continue publishing and updating its list online for public verification.