The Central Bank of Nigeria has revoked the licences of all legacy Bureau De Change (BDC) operators that failed to comply with its new regulatory requirements, effectively removing them from operation across the country.
The development was disclosed in a Frequently Asked Questions document on BDC reforms published on the CBN’s website on Tuesday. The apex bank confirmed that the final compliance cutoff had now taken effect, stating that any BDC that did not meet the updated conditions by the end of November is no longer recognised.
According to the CBN, existing operators were initially given a six‑month transition window—from 3 June to 3 December 2024—to meet the new guidelines or lose their licences. The bank later extended the deadline by another six months, ending 3 June 2025, to allow more operators to comply.
“Consequently, any legacy BDC that failed to meet the requirements of the new Guidelines as of 30 November 2025 has ceased to be a BDC, as its licence no longer exists,” the bank said, urging the public to consult its website for the updated list of approved operators.
The enforcement follows the CBN’s announcement that only 82 BDCs had successfully met the new standards and were licensed to operate. The revised framework, introduced in February 2024, significantly raised capital requirements—N2 billion for Tier‑1 operators and N500 million for Tier‑2 operators—as part of broader efforts to strengthen transparency, compliance and stability in Nigeria’s foreign exchange market.
The CBN noted that it will continue to accept new applications through its Licensing, Approval and Requests Portal, adding that qualified promoters will be considered for licensing. However, it emphasised that it reserves the right to halt the licensing of BDCs at any time.
