CBN Forex Overhaul: New Era for BDCs & Nigeria's Retail Currency Market
The Central Bank of Nigeria (CBN) has ushered in a pivotal era for the nation's retail foreign exchange market , issuing final operating licenses to 82 Bureaux De Change (BDCs) under its revamped 2024 Regulatory and Supervisory Guidelines . This significant move, effective November 27, 2025 , represents a decisive step towards instilling transparency, stability, and much-needed resilience in a sector long plagued by volatility and illicit practices. By drastically elevating capital requirements and streamlining oversight, the apex bank aims to dismantle informal structures and foster a more robust and accountable forex ecosystem . This strategic re-licensing initiative is poised to fundamentally reshape how retail forex operations are conducted in Nigeria, promising a more structured and predictable market environment for businesses and individuals alike. Read more A History of Flux: Navigating Nigeria's Forex Landscape Nigeria’s foreign exchange market has historically been c...