FULL LIST: CBN Confirms 82 Licensed BDCs, Warns Nigerians Against Unauthorised Dealers
- The CBN has issued final operating licences to 82 Bureaux De Change in line with its updated regulatory framework
- The bank advised the public to verify authorised operators on its website to avoid illegal forex dealers, and threatened BDCs operating without licenses with sanctions
- The new licensing regime includes higher capital requirements, revised fees, and restrictions on activities such as crypto dealings and derivatives trading
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, tech and macroeconomic trends in Nigeria.
The Central Bank of Nigeria (CBN) has confirmed the issuance of final operating licences to 82 Bureaux De Change (BDCs) under its revised regulatory framework, urging Nigerians to transact only with authorised forex dealers.
This was contained in a statement released on Monday by the Acting Director of Corporate Communications, Hakama Sidi Ali.
Source: Getty Images
The approval, which is based on the 2024 Regulatory and Supervisory Guidelines for BDC Operations, became effective on November 27, 2025.
According to the apex bank, only operators listed on its official website are recognised to conduct BDC business in Nigeria. The statement noted that additional names would be published once their approvals are completed.
Public advised to confirm dealers on CBN website
The CBN advised members of the public to continue checking its website for the updated list of BDCs with valid licences and avoid patronising unregistered forex operators.
The regulator also restated that running a bureau de change without approval is a violation of the Banks and Other Financial Institutions Act (BOFIA). It warned that anyone engaging in such activities risks sanctions under Section 57(1) of the 2020 Act.
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The CBN said the clarification was necessary to protect Nigerians from illegal operators and ensure safer forex transactions.
The confirmation of 82 new licences is part of the CBN’s efforts to strengthen transparency and improve structure within the foreign exchange market. This follows several reforms seen in recent months.
See the full list of approved dealers:
TIER 1
- DUAL GLOBAL BDC LTD
- TRURATE GLOBAL BDC LTD
TIER 2
- ABBUFX BDC LTD
- ACHA GLOBAL BDC LTD
- ARCTANGENT SWIFT BDC LTD
- ASCENDANT BDC LTD
- BARACAI BDC LTD
- BERGPOINT BDC LTD
- BRAVO MODEL BDC LTD
- BRIMESTONE BDC LTD
- BROWNSTON BDC LTD
- BUZZWALLET BDC LTD
- CASHCODE BDC LTD
- CHATTERED BDC LTD
- CHRONICLES BDC LTD
- COOL FOREX BDC LTD
- CORPORATE EXCHANGE BDC LTD
- COURTESY CURRENCY BDC LTD
- DANYARO BDC LTD
- DASHAD BDC LTD
- DEVAL BDC LTD
- DFS BDC LTD
- EASY CASH BDC LTD
- ELELEM BDC LTD
- E-LIOYDS BDC LTD
- ELOGOZ BDC LTD
- ENOUF BDC LTD
- EVER JOJ GOLD BDC LTD
- EXCEL RIJIYA FOREX BDC LTD
- FABFOREX BDC LTD
- FELLOM BDC LTD
- FINE BDC LTD
- FOMAT BDC LTD
- GENELO BDC LTD
- GENTLE BREEZE BDC LTD
- GRACEFUL GLORY AND HUMILITY BDC LTD
- GREENGATE BDC LTD
- GREENVAULT BDC LTD
- HAZON CAPITAL BDC LTD
- HIGH-POINT BDC LTD
- 1 & I EXCHANGE BDC LTD
- IBN MARYAM BDC LTD
- JOURNEY WELL BDC LTD
- KEEPERS BDC LTD
- KHADHOUSE SOLUTIONS BDC LTD
- KIMMELFX BDC LTD
- KINGSOFT ATLANTIC BDC LTD
- M.S. ALHERI BDC LTD
- MASTERS BDC LTD
- MCMENA BDC LTD
- MKOO BDC LTD
- MKS BDC LTD
- MR J GOLF BDC LTD
- MUSDIQ BDC LTD
- MZ FOREX BDC LTD
- NEJJ BDC LTD LTD
- NETVALUE BDC LTD
- NEW WAVE BDC LTD
- NOTABLE AND KINGSTON BDC LTD
- PILCROW BDC LTD
- RAPID BDC LTD
- RIGHTWAY BDC LTD
- RWANDA BDC LTD
- SABLES BDC LTD
- SAFETRANZ BDC LTD
- SAMFIK BDC LTD
- SEVENLOCKS BDC LTD
- SHAPEARL BDC LTD
- SIMTEX BDC LTD
- SOLID WHITE BDC LTD
- ST. NICHOLAS GLOBAL BDC LTD
- TOPFIRST UNIQUE MULTICHOICE BDC LTD
- TOPGATE BDC LTD
- TRAVELLER'S CHOICE BDC LTD
- TUCA GLOBAL BDC LTD
- TURBOVA BDC LTD
- TURN-UP BDC LTD
- UNIGO BDC LTD
- VICTORY AHEAD BDC LTD
- WHITEWAY WWW BDC LTD
- YUND GLOBAL LINK BDC LTD
- ZAMAD FOREX BDC LTD
Source: Getty Images
Recent reforms
In May 2024, the CBN issued updated guidelines for BDC operations, revoking licenses of all operators and directing them to reapply online within six months in line with new requirements.
Under the revised rules, Tier-1 BDCs are required to maintain a minimum capital base of N2 billion, while Tier-2 BDCs must have N500 million.
The application fee for a Tier-1 licence was set at N1 million, compared to N250,000 for Tier-2. Licensing fees were fixed at N5 million for Tier-1 operators and N2 million for Tier-2.
Tier-1 BDCs are now permitted to operate across all 36 states and the FCT and may open franchises nationwide with CBN approval.
CBN sells $81 million to BDCs
Legit.ng earlier reported that the CBN injected $18 million into the forex market to stabilise the naira amid renewed volatility in the official window.
The CBN sold the injected funds to authorised BDC operators in an attempt to rescue the Naira from further decline in value.
Analysts commended the move, noting that it would boost investors’ confidence and help steady the Naira in the FX market.
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