Nigeria’s CBN Cancels Hundreds of BDC Licences Over New Regulatory Requirements
- The CBN announced that all legacy BDCs that failed to meet the revised licensing requirements by 30 November 2025 have automatically lost their licences
- Only 82 operators successfully secured licences under the new, stricter regulatory framework, which includes sharply increased capital requirements
- The reforms aim to enhance transparency and stability in the foreign exchange market, with ongoing applications still accepted through the CBN’s licensing portal
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
The Central Bank of Nigeria (CBN) has declared that all legacy Bureau De Change (BDC) operators who failed to comply with its revised licensing standards by 30 November 2025 have automatically forfeited their licences.
This means they can no longer operate as BDCs in the country.
The announcement was included in a Frequently Asked Questions document on the ongoing BDC reform, published on the CBN’s website.
Source: UGC
Earlier, Legit.ng reported that only 82 BDCs successfully secured licences under the new framework after meeting all regulatory conditions.
This outcome follows an extended compliance timeline offered by the apex bank to help operators adjust to the updated rules.
Extended Compliance Window and Final Cutoff
Initially, the CBN granted existing BDCs a six-month transition period, from June 3 to December 3, 2024, to meet the revised regulatory standards. When many operators struggled to meet the requirements, the bank approved a further six-month extension, which expired on 3 June 2025.
According to the CBN, the final compliance deadline has now been enforced. Any BDC that failed to satisfy the new conditions by the end of November 2025 is no longer recognised by the regulator.
The extension was intended to provide sufficient time for long-standing operators willing to meet the new standards.
The document noted:
"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. Please visit the CBN website for the updated list of existing BDCs in Nigeria.”
Ongoing Licensing and Strengthened Regulatory Framework
The CBN clarified that new applications will continue to be accepted through its Licensing, Approval and Requests Portal, although it reserves the authority to halt the admission of new BDCs at any point.
These reforms form part of the apex bank’s broader strategy to improve transparency, strengthen compliance, and enhance stability within Nigeria’s foreign exchange market.
Source: Getty Images
Under the regulatory framework introduced in February 2024, BDCs are now required to meet significantly higher capital thresholds. Tier-1 operators must maintain a minimum of N2 billion, while Tier-2 operators must maintain at least N500 million in capital.
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
