Retail forex traders, also known as Bureau De Change (BDC) operators, have expressed optimism that more final operating licences will be issued soon by the Central Bank of Nigeria (CBN), following the release of an initial list of 82 approved operators under its revised regulatory framework.
The approval, which was announced on December 8, 2025, marks a key milestone in the CBN’s ongoing effort to reform and sanitize Nigeria’s retail foreign exchange market.
However, many operators say the figure is only a fraction of the total number of applications submitted and capital raised so far, with expectations that additional approvals will follow in the coming weeks.
In May 2024, the CBN introduced new capital requirements for BDC operators: N2 billion for a Tier-1 licence, and N500 million for a Tier-2 licence, compared to the previous threshold of N35 million under the former general licensing regime.
Tier-1 BDCs are permitted to operate nationally, while Tier-2 operators are restricted to activities within a single state.
The new structure was introduced under the CBN’s revised Regulatory and Supervisory Guidelines for BDC Operations, following consultations with stakeholders and in accordance with Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
While the guidelines led to a sharp reduction in the number of eligible operators, stakeholders say the licensing process is still ongoing, and more operators are expected to receive final approval soon.
What they are saying
Speaking exclusively to Nairametrics, Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), clarified that the 82 approved operators are only the first set of applicants who had completed the process at the time the circular was issued.
- “Well, it’s an ongoing exercise. From the beginning, there was a lot of concern. People were thinking of the increment from that N35 million to N500 million, and then they have been going for consultations,” he said.
- “Some got the information early, some have not, so people had to take the bull by the horns and start paying.
So, these are the first set of people who had paid at the time the circular came out.
Many others have paid, and the window is still open. However, I think it’s still very small.”
He added that the number of operators that have met the requirements is already greater than the 82 published by the CBN, with expectations of further approvals.
- “A lot of people have paid, I think even more than the 82 now. It’s a question of when they are going to come on board, and the CBN has assured us of an accelerated process to ensure that many people are on board,” Gwadebe added.
The new regulatory framework has significantly reshaped the BDC sector. According to Gwadebe, thousands of operators were already delisted for failing to meet compliance requirements even before the recapitalisation policy took effect.
- “They used strict compliance requirements then, and people were not complying with them. That’s how they weeded out about 4,600 and left about 1,600 as of 2024. So now they used capitalization also to weed down over 95%. With the current figure we have, it means only less than 5% met the requirement.”
CBN Emphasises Compliance
- On December 8, 2025, the CBN issued a statement confirming the final approval of 82 BDC operators in line with its updated regulatory framework.
- The bank emphasised that the approval took effect from November 27, 2025, and that only operators listed on its website are authorised to conduct BDC business.
- The apex bank warned members of the public against dealing with unlicensed foreign exchange dealers and noted that more names will be added as approvals are finalised.
- ABCON had earlier opposed the steep increase in capital requirements, arguing that the move deviated from international best practices.
