CBN Revokes Operational Licences Of 4,173 BDCs


Fijabi Olanrwwaju 

THE Central Bank of Nigeria (CBN), in the exercise of its powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines) has revoked the licences of 4,173 Bureaux De Change Operators.

The list of affected BDC operators is available on the Bank’s website (

According to the apex bank in a statement signed by Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communications, the affected institutions failed to observe at least one of the following regulatory provisions:

  • Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.
  • Rendition of returns in line with the Guidelines.
  • Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The statement further states that the CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

Meanwhile, CBN has released a list of eligible BDC operators. The apex bank says all eligible BDCs must adhere strictly to the guidelines regarding the sale of foreign exchange to end-users.

Currently, the number of BDCs stands at 5,690, according to data from the CBN. It directed BDCs to sell to end-users with a margin not exceeding one per cent of the purchase rate from the CBN.

To facilitate the process, BDCs are required to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts.

Subsequently, they are to submit confirmation of payment along with other necessary documentation for disbursement at the designated CBN branches in Abuja, Awka, Lagos, and Kano.

Half of all the BDC operators in Nigeria are located in Lagos, highlighting the state’s dominance in the foreign exchange (FX) market.

This is followed by the Federal Capital Territory (FCT), Abuja and Kano State

Below is the list of CBN-approved ‘Bureau De Change’ operators, BDCs in states

Lagos: 2,958

Abuja: 1,179

Kano: 981

Anambra: 259

Kaduna: 55

Abia: 50

Oyo: 32

Enugu: 25

Rivers: 24

Delta: 21

Sokoto: 18

Imo: 15

Edo: 14

Borno: 11

Bauchi: 7

Kwara: 7

Plateau: 6

Ebonyi: 4

Kebbi: 4

Niger: 3

Ogun: 3

Katsina: 3

Akwa Ibom: 2

Cross River: 2

Gombe: 2

Kogi: 2

Bayelsa: 1

Benue: 1

Nasarawa: 1

Here are some of the unusual names of approved BDC operators in Nigeria:

  • Chelsea BDC LTD
  • Couple BDC LTD
  • Cream BDC LTD
  • Cruising BDC LTD
  • Day-by-day BDC LTD
  • Deadlist BDC LTD
  • Decorum BDC LTD
  • Deep Freezer BDC LTD
  • Divine Focus BDC LTD
  • Ephesians-three-twenty BDC LTD
  • Four to five BDC LTD
  • Fourteen February BDC LTD
  • Fullmoon BDC LTD
  • Go-well BDC LTD
  • Gucci BDC LTD
  • Happy Ends LTD
  • His Grace BDC LTD
  • Home Alone BDC LTD
  • Honeymoon BDC LTD
  • Hourglass BDC LTD
  • In-to-in BDC LTD
  • Looking and Seeing BDC LTD
  • Lovers BDC LTD
  • Pros and Cons BDC LTD
  • Rice and Beans BDC LTD
  • Select and Pay BDC LTD
  • Set up BDC LTD
  • SIX Six Six BDC LTD
  • Slow Down BDC LTD
  • You and Me BDC LTD
  • Young Free & Single BDC LTD
  • Zero to Ten BDC LTD
  • 10-20 Times BDC LTD


Eighteen-Eleven Media 

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