The Central Bank of Nigeria (CBN) has announced a major regulatory shake-up in the retail foreign exchange market with the official revocation of licences belonging to all legacy Bureau De Change (BDC) operators who failed to comply with its newly introduced licensing requirements. The development marks one of the most significant reforms in the BDC sub-sector in more than a decade, as hundreds of operators have now been formally exited from the system.
The apex bank made the revelation in a new Frequently Asked Questions (FAQ) document published on Tuesday on its official website. The document is part of the CBN’s ongoing efforts to clarify the implementation of its revised BDC Guidelines and address concerns raised by stakeholders, especially following the conclusion of the extended compliance deadline.
According to the CBN, any BDC that failed to satisfy the updated regulatory requirements by 30 November 2025 “has automatically lost its licence” and therefore “ceases to operate as a Bureau De Change” in Nigeria. This move officially closes the window for compliance, ending months of anticipation and signalling the start of a more tightly controlled foreign exchange retail market.
Earlier, The PUNCH reported that the CBN confirmed on Monday that only 82 Bureaux De Change successfully met the stringent requirements laid out in the updated guidelines. These operators represent the first batch of fully licensed BDCs under the reformed regulatory regime. The bank noted that these 82 operators completed capital requirements, ownership disclosures, corporate governance adjustments, and structural reforms mandated under the new framework.
The new guidelines introduced by the CBN in 2024 were designed to strengthen transparency, curb market manipulation, and sanitize a segment widely criticised for speculative behaviour. Under the initial transition plan, existing BDCs were given a six-month window — from 3 June to 3 December 2024 — to upgrade their systems, documentation, governance structure, and capital base in line with the revised rules.
However, when a large number of operators struggled to meet the deadline, the CBN extended the compliance period by another six months, which expired on 3 June 2025. This extension was granted to give operators ample time to align with the updated requirements, which include higher minimum capital thresholds, mandatory Anti-Money Laundering (AML) frameworks, improved reporting tools, and digital compliance obligations.
Despite the additional grace period, only a small percentage of operators eventually met the criteria. Many BDCs were unable to raise the required capital levels or restructure their operations to satisfy the CBN’s new corporate governance standards. As a result, the CBN stressed in its FAQ document that the expiry of the extended deadline left no room for further concessions.
The enforcement of the 30 November 2025 cutoff is part of the apex bank’s broader reform strategy aimed at stabilising the forex market, improving regulatory oversight, and eliminating avenues for rent-seeking and arbitrage. Analysts say the new development is expected to reduce the fragmentation of the retail forex market and enhance monitoring, particularly via digital platforms that enable better transaction tracking.
The delisting of hundreds of operators is also expected to pave the way for a more consolidated and structured market, with only compliant BDCs participating in official and permissible forex transactions. With just 82 operators currently licensed, the sector is set for a significant transformation in how retail foreign exchange services are delivered and monitored.
Market watchers will now be looking to see how the exit of non-compliant operators affects liquidity, pricing behaviour, and forex accessibility for Nigerians, especially small-scale importers and travellers who depend heavily on BDC services. The CBN has maintained that the reforms are in the long-term interest of market stability and national economic integrity.
