Year-in-review: From FX Code to Licences: How CBN Reshaped BDC Operations in 2025
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria’s reforms of the Bureau de Change subsector in 2025 marked a decisive shift toward tighter regulation, improved transparency, and market stability.
Through fee waivers, new governance codes, controlled FX access, recapitalisation deadlines, and licence approvals and revocations, the apex bank reshaped Nigeria’s retail foreign exchange market.
In this article, Legit.ng highlights some of the key CBN policies and regulations that have impacted the operations of BDCs in Nigeria in 2025.
Source: UGC
1. Waiver of 2025 Licence Renewal Fee – January 2025
The CBN waived the annual non-refundable 2025 licence renewal fee for all BDC operators to ease their financial burden and support the ongoing regulatory transition.
The directive followed the implementation of the Regulatory and Supervisory Guidelines for Bureau de Change Operations in Nigeria in 2024, as well as the ongoing shift to a new regulatory structure for BDCs.
By waiving the renewal fee, the CBN reinforced its commitment to streamlining operations within the foreign exchange market.
The apex bank also advised any BDC operator that had already paid the 2025 licence renewal fee to apply for a refund.
2. Launch of Nigerian FX Code – January 28, 2025
The CBN launched the Nigeria Foreign Exchange (FX) Code, aimed at sanitising market practices and entrenching good governance.
The CBN Governor, Yemi Cardoso, described the code as a decisive step forward, noting that it sets clear and enforceable standards for ethical conduct, transparency, and good governance in the FX market. He added that violations would attract penalties and administrative sanctions.
The objective of the FX Code is to ensure that exchange rates accurately reflect available information and that market participants adhere to acceptable standards of behaviour, thereby making the market fairer and more efficient.
3. FX Access Rules and Weekly Cap – February 3–5, 2025
The CBN extended the deadline for Bureau de Change operators to access the Nigerian Foreign Exchange Market (NFEM) for weekly FX purchases.
The CBN issued guidelines permitting BDCs to purchase foreign exchange from authorised dealer banks under a capped arrangement.
Under the temporary framework, BDCs were allowed to purchase foreign exchange from authorised dealers, subject to a weekly cap of US$25,000.
4. Extension of FX Purchase Window – February to May 30, 2025
The CBN extended the FX access window that allows eligible BDCs to purchase up to US$25,000 weekly from authorised dealer banks, shifting the original deadline from January 31 to May 30, 2025.
5. CBN Clarifies Recapitalisation Deadline for BDCs – June 2025
The CBN confirmed that the recapitalisation deadline for BDCs remained June 3, 2025, and dismissed claims of any further extension.
The apex bank had initially set the deadline for December 3, 2024, but later extended it by six months to June 3, 2025, to provide operators with additional time to meet the new capital requirements.
6. CBN Approves Licences for 82 BDCs – November 27, 2025
The CBN granted final operating licences to 82 BDCs, marking the first batch of operators authorised under the bank’s rigorous new regulatory framework aimed at tightening control over the country’s volatile retail foreign exchange market.
The approvals, which took effect from November 27, 2025, followed a sweeping clean-up exercise that saw the CBN revoke the licences of thousands of BDCs earlier in the year for failing to meet regulatory requirements.
7. CBN Revokes Licences of 1,435 BDCs – December 8, 2025
A total of 1,435 BDC operators lost their operating licences after failing to meet the new capital requirements set by the CBN, marking one of the most extensive regulatory clean-ups in the subsector.
The CBN stated that any legacy BDC that did not meet the conditions of the revised guidelines as of November 30, 2025, automatically ceased operations, as its licence was no longer valid.
Source: Getty Images
CBN sells $81 million to BDCs
In related news, Legit.ng reported that the CBN released $81 million to Bureau De Change operators, continuing efforts to ease pressure on the foreign exchange market.
This follows an earlier $18 million injection aimed at supporting the naira as volatility resurfaced in the official market.
Economists say the latest allocation should help improve market confidence and provide short-term stability for the currency.
Source: Legit.ng
