CBN Delists Over 1,400 Non-Compliant BDCs

The Central Bank of Nigeria (CBN) has announced the automatic revocation of licenses for Bureau De Change (BDC) operators who failed to meet its new regulatory guidelines by the deadline of November 30, 2025.

In a document titled Frequently Asked Questions on the Current Reform of the Bureau De Change Sub-Sector, published on its website, the apex bank declared that such legacy operators have effectively “ceased to be BDCs”.

This development follows the CBN’s confirmation on Monday that only 82 BDCs have been granted final operating licenses after meeting the revised requirements.

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The regulatory body explained that it had initially provided a six-month transition window from June 3, 2024, to December 3, 2024, for existing operators to comply.

This deadline was subsequently extended by another six months, ending on June 3, 2025, to allow more operators to regularize their status.

“However, the management of the CBN graciously extended this deadline by another six months, which ended 3 June 2025, to give ample time for as many legacy BDCs desirous of meeting the new requirements to do so.

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“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 stated.

The new guidelines, introduced to sanitize the foreign exchange market, categorize BDCs into two tiers.

Tier 1 operators are required to have a minimum capital base of N2 billion and can operate nationwide, while Tier 2 operators must have N500 million and are restricted to operating in one state.

The CBN warned the public to deal only with licensed operators listed on its website, reiterating that operating without a valid license is a punishable offence under the Banks and Other Financial Institutions Act (BOFIA) 2020.