The Central Bank of Nigeria (CBN) has generated a total of N192 million in non-refundable application and licensing fees following the approval of new operating licences for 82 Bureau De Change (BDC) operators, marking a key milestone in the ongoing reform of the foreign exchange market.
The approvals were granted under the CBN’s revised regulatory and supervisory framework for BDCs, which introduced a two-tier licensing structure aimed at strengthening oversight, improving transparency, and curbing speculative activities in the retail foreign exchange segment.
A breakdown of the fees shows that two operators were issued Tier-1 licences, each paying a combined N6 million comprising application and licence fees. The remaining 80 operators were approved under the Tier-2 category, with each paying a total of N2.25 million. Altogether, the payments amounted to N192 million, exclusive of the significantly higher minimum capital requirements imposed by the new guidelines.
Under the revised framework, Tier-1 BDCs are required to maintain a minimum capital base of N2 billion, while Tier-2 operators must meet a N500 million capital threshold. The CBN has clarified that these capital requirements are separate from licensing fees and are intended to ensure that only financially sound operators participate in the market.
The newly issued licences took effect from late November, with the apex bank emphasising that only BDCs listed on its official website are authorised to conduct foreign exchange transactions. Operators that failed to meet the updated regulatory conditions were excluded, reinforcing the CBN’s stance on compliance and market discipline.
The licensing exercise is part of broader reforms introduced by the CBN to sanitise the foreign exchange market, reduce arbitrage, and align BDC operations with Nigeria’s overall monetary and financial stability objectives. Market analysts say the move signals a tighter regulatory environment and a renewed effort by the central bank to restore confidence in the FX market.
Industry stakeholders expect additional licences to be issued in subsequent phases as more applicants meet the stipulated requirements. For now, the approval of 82 operators represents the first batch under the new regime, setting the tone for stricter supervision and a more structured BDC sector going forward.
For Clarion News Channel, the development underscores the financial and regulatory implications of Nigeria’s evolving foreign exchange policies, as the CBN balances revenue generation with market reform and stability.
CBN Earns N192m in Fees as 82 BDCs Secure New Operating Licences
