Nigeria’s forex retail market is tightening fast as tougher capital rules slash operators, with more BDC licences still expected.
Retail forex traders are expecting additional Bureau De Change (BDC) operating licences after the Central Bank of Nigeria (CBN) approved 82 operators under its new regulatory framework. The approval, announced on December 8, 2025, marks a major step in the CBN’s effort to clean up Nigeria’s retail foreign exchange market.
Under the revised rules introduced in May 2024, Tier-1 BDCs must raise N2 billion to operate nationally, while Tier-2 operators require N500 million and are limited to one state. This replaces the former N35 million licensing threshold and has drastically reduced the number of eligible operators.
ABCON President Aminu Gwadebe said the 82 approved firms represent only the first batch of applicants who completed the process early. He confirmed that many more operators have since met the requirements and that the licensing window remains open. The CBN warned the public to transact only with approved BDCs, noting that more licences will be issued as reviews continue.
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