CBN Approved BDC List (Dec 2025)

CBN Approved BDC List (Dec 2025): The 82 Licensed Operators You Can Trust

The landscape of foreign exchange (FX) in Nigeria has undergone its most radical transformation in decades. In a decisive move to sanitize the market, curb illicit financial flows, and stabilize the Naira, the Central Bank of Nigeria (CBN) has officially released its final list of approved Bureau De Change (BDC) operators.

As of December 2025, the once crowded market of over 5,000 operators has been streamlined to a concise list of just 82 licensed operators. This massive reduction follows the expiration of the deadline for the new capitalization requirements set earlier in the year.

If you are a traveler looking for Personal Travel Allowance (PTA), a business seeking Business Travel Allowance (BTA), or an SME needing to fund minor imports, knowing who is on this list is no longer just a matter of convenience, it is a matter of legal and financial safety. Dealing with unlicensed operators is now a punishable offense under the Banks and Other Financial Institutions Act (BOFIA) 2020.

In this comprehensive guide, we analyze the new CBN Approved BDC List, explain the new Tier 1 vs. Tier 2 system, and provide you with safety tips on how to transact secure FX in 2026 and beyond.

The Great Reset: Understanding the New BDC Guidelines

To understand the significance of this list, one must look at the regulatory framework that birthed it. The CBN’s Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria (2024) introduced significantly higher capital requirements to ensure that only serious, financially sound entities remained in the business.

The guidelines effectively split the BDC sub sector into two distinct categories: Tier 1 and Tier 2.

1. Tier 1 BDCs (The National Operators)

• Capital Requirement: ₦2 Billion.
• Scope: These are the “heavyweights” of the industry. They are authorized to operate on a national scale.
• Privileges: They can open branches across all 36 states and the FCT. Crucially, they can also appoint franchisees, effectively becoming mini-banks for FX distribution.

2. Tier 2 BDCs (The State Operators)

• Capital Requirement: ₦500 Million.
• Scope: These operators are restricted geographically. They can only operate within one specific state or the FCT.
• Privileges: They are allowed to have up to five branches, but all branches must be located within their licensed state of operation.

This tiering system was designed to ensure that recognized BDCs have enough “skin in the game” to discourage money laundering and speculation, which were rampant under the old, lower capital regime.

The Licensed 82: Who Made the Cut?

Out of thousands of pre existing operators, only 82 successfully met the November 27, 2025 deadline. The disparity between Tier 1 and Tier 2 approvals highlights the stringent nature of the ₦2 billion capital hurdle.

The Tier 1 Elite (National License)

Only two companies successfully met the requirements for the Tier 1 license. These entities are now the primary non-bank anchors of retail FX in Nigeria.

1. Dula Global BDC Ltd
2. Trurate Global BDC Ltd

These two operators are expected to dominate the market structure, likely establishing franchise networks to reach customers in states where Tier 2 BDCs might be scarce.

The Tier 2 Backbone (State License)

The remaining 80 operators have secured Tier 2 licenses. While they are restricted to single states, they form the critical distribution network for local communities. Some of the notable names confirmed on this list include:

(Note: The full list of all 82 operators is updated continuously on the CBN’s official portal. The above represents a significant portion of the verified list as of the December 9th announcement.)

Why 5,000+ Licenses Were Revoked

The reduction from thousands to 82 is not an accident, it is a purge. For years, the BDC license was viewed by many as a “rent-seeking” tool. Individuals would obtain a license for cheap, receive weekly dollar allocations from the CBN at an official rate, and immediately sell it on the black market (street market) for a premium, without ever serving a genuine customer.

The 2025 reforms targeted three key areas:

1. Undercapitalization: Many BDCs existed only on paper (“briefcase companies”). The ₦500m/₦2bn requirement flushed these out.
2. Digitization: New BDCs strongly integrate with the CBN’s digital monitoring portals to report transactions in real-time.
3. Governance: The corporate governance requirements (board composition, audited accounts) were raised to bank-grade levels.

By revoking the licenses of non-compliant operators, the CBN aims to have a smaller, controllable group of operators that can be effectively supervised.

What This Means for You (The Customer)

If you are an average Nigerian looking to travel or a small business owner, this change affects you in three ways:

1. Scarcity of “Corner Shops”

You may no longer find a licensed BDC on every street corner. The “aboki” under the bridge or the small shop without a signboard is likely no longer licensed. Dealing with them puts you at risk of buying counterfeit currency or getting entangled in police investigations regarding “economic sabotage.”

2. Digital Identity Verification

Tier 1 and Tier 2 BDCs are now mandatorily linked to the BVN/NIN database. When you go to buy dollars, expect to provide your BVN or biometric identification. This creates a digital footprint of who bought FX, how much, and for what purpose.

3. Safer Transactions

The remaining 82 companies are heavily invested. They are less likely to risk their ₦500m+ license by defrauding a customer of $500. This brings a layer of trust that was previously missing in the sector.

How to Verify a BDC License in 2025

Never take a signboard at face value. A “Registered with CAC” certificate on the wall does not mean “Licensed by CBN.” Here is how to verify before you hand over your Naira:

1. Check the CBN Website: The list of approved BDCs is hosted on cbn.gov.ng. If the name isn’t there, walk away.
2. Look for the License Number: Every approved BDC must display its CBN license number prominently in its banking hall.
3. Avoid Street Hawkers: CBN regulations strictly prohibit street trading. A licensed BDC must operate from a registered office equipped with CCTV and computers. Any transaction happening on the roadside is, by definition, an illicit black market transaction.

Frequently Asked Questions (FAQ)

Q1: Only 82 BDCs are approved? What happened to the others?
A: Most failed to meet the new capital requirements (₦500 million for Tier 2 and ₦2 billion for Tier 1) by the June 2025 deadline. Consequently, their licenses were revoked.

Q2: Can I still buy dollars from the “Black Market”?
A: Legally, no. The “black market” or parallel market is technically an illegal trade. The CBN advises the public to deal only with licensed BDCs to avoid legal issues and the risk of counterfeit, stamped, or rejected notes.

Q3: What is the maximum I can buy from a BDC?
A: Limits for PTA (Personal Travel Allowance) typically remain around $4,000 per quarter, and BTA (Business Travel Allowance) at $5,000 per quarter, subject to providing valid travel documents (Passport, Visa, Ticket).

Q4: Can a Tier 2 BDC in Lagos sell dollars to me if I am in Abuja?
A: A Tier 2 BDC licensed for Lagos cannot have a branch in Abuja. However, if you are physically in Lagos, you can transact with them. If you need a BDC with presence in both cities, look for a Tier 1 operator (Dula Global or Trurate Global).

Q5: Is my BVN required to buy dollars?
A: Yes. All FX transactions are now tracked via the CBN’s centralized portal. You will need to provide your BVN and a valid ID to purchase foreign currency.

Conclusion

The release of the CBN Approved BDC List for December 2025 marks the end of the “wild west” era of currency exchange in Nigeria. With only 82 operators clearing the high bar of capitalization, the market is set to become more professional, transparent, and secure.

For the Nigerian economy, this consolidation is a painful but necessary step toward stabilizing the Naira. For you, the customer, it means adapting to a new normal where FX transactions are formal, documented, and conducted in safe office environments rather than on street corners.

As we move into 2026, ensure you strictly stick to these 82 licensed operators. The risk of dealing with the unapproved market, ranging from police harassment to losing your funds, is simply not worth the “convenience.” Stay informed, stay compliant, and keep your money safe.