All legacy Bureau De Change operators that did not meet the Central Bank of Nigeria’s new licensing standards have automatically forfeited their licenses and can no longer operate in the country.
This update was disclosed in the apex bank’s ‘Frequently Asked Questions’ document on its ongoing bureau de change reform, released on its website on Tuesday.
According to the document, the CBN has now implemented the final deadline, confirming that any BDC that failed to comply by the end of November is no longer recognised.
“The Guidelines provided a transition timeline of six months from the effective date, 3 June 2024, with a deadline of 3 December 2024, for all existing BDCs to meet the requirement of the new Guidelines or lose their licence(s). 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.
“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,” the apex bank said.
The latest action follows the CBN’s earlier announcement that only 82 BDCs successfully secured licenses under the updated regulatory framework.
Before this decision, existing operators had been given an extended compliance window under the revised BDC Guidelines. They initially had from 3 June to 3 December 2024 to fulfil the new regulatory standards.
The CBN later added another six months — ending on 3 June 2025 — to allow more operators to comply with the enhanced requirements.
These reforms are part of broader efforts to reinforce transparency, strengthen compliance, and stabilise Nigeria’s foreign exchange market.
Under the new regulatory structure introduced in February 2024, BDCs must meet higher capital thresholds. Tier-1 operators are required to have a minimum capital of N2bn, while Tier-2 operators must maintain N500m as MCR.
The apex bank also noted that it will continue accepting applications through its Licensing, Approval and Requests Portal, and any promoters who meet the criteria will be considered for licensing.
However, it added that it retains the authority to halt BDC licensing at any time.