The Central Bank of Nigeria, CBN, has issued final operating licenses to 82 Bureaux De Change, BDCs, effective November 27, under the powers granted by the Bank and Other Financial Institutions Act, BOFIA, 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.
In a statement on Monday, signed by Hakama Sidi Ali, Ag. Director of Corporate Communications, the CBN confirmed that only BDCs listed on its official website are authorised to operate from the effective date.
The Bank also stated it will regularly update the list of BDCs holding valid operating licenses for public verification and cautioned Nigerians against engaging with unlicensed foreign exchange operators.
It said, “For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act, BOFIA, 2020. Members of the public are hereby advised to note and be guided accordingly.”
In May 2024, the apex bank had withdrawn all existing BDC licenses and required forex operators to reapply for fresh permits. Applicants could apply under one of two categories: ‘Tier one’ with a minimum capital of N2 billion, or ‘Tier two’ with a minimum capital of N500 million.
BDCs were given six months from the issuance of the guidelines to submit applications for the new licenses. The CBN had initially released a draft guideline in February 2024 for stakeholder feedback.
“Following the conclusion of the stakeholder consultations and in exercise of the powers conferred on it by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN hereby issues the attached Regulatory and Supervisory Guidelines for Bureau On Change Operations in Nigeria 2024 for compliance by all operators and promoters of proposed BDCs in Nigeria,” the bank had said.
The guideline requires BDCs to re-apply for a new license according to any of the Tiers or license category of their choice as provided in the Guidelines and also meet the minimum capital requirements for the license category applied for within six months from the effective date of the guidelines.
It added that “Applicants for new BDC license are required to meet the conditions for the grant of license in accordance to category of BDC chosen as stipulated in the Guideline.”
Tier 1 BDC license holders are permitted to operate in any state across the federation, including the Federal Capital Territory, FCT, Abuja.
Below is the list of the 82 newly approved and fully licensed Bureau De Change by the CBN.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
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