The Central Bank of Nigeria has raked in at least N192 million in non-refundable fees from the 82 Bureau de Change operators who have just secured final licences under the revised regulatory framework.
The earning is from the fee schedule in the May 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria.
The list of approved operators was released by the apex Bank on December 8, 2025.
In a recent press statement, the CBN announced that it had granted final licences to 82 BDCs, effective November 27, 2025. “The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The list shows that two of the firms are Tier 1 operators, while the remaining 80 are Tier 2. The tier assigned to each operator determines the amount it must pay as application and licence fees in addition to its minimum capital requirement.
Section 7.0 of the 2024 guidelines sets the non-refundable application fee for a Tier 1 BDC at N1m and the non-refundable licence fee at N5m. For Tier 2 BDCs, the application fee is N250,000, represented in the document as N0.25m, while the licence fee is N2m.
Using these official figures, the two Tier 1 operators will together pay N12m to the CBN. Their combined application fees amount to N2m, calculated as N1m each for the two operators. Their combined licence fees amount to N10m, made up of N5m each.
For the 80 Tier 2 operators, the combined application fees come to N20m. This is obtained by multiplying the N250,000 application fee by 80, giving N20m. The total licence fees for Tier 2 BDCs amount to N160m, calculated by multiplying N2m by 80.
When the Tier 2 application fees of N20m are added to the Tier 2 licence fees of N160m, the total for that category is N180m. Adding the N12m due from Tier 1 operators to the N180m due from Tier 2 operators gives an overall fee income of N192m for the CBN from this first batch of 82 approvals.
The calculation aligns with the fee levels stated in the guidelines and the number of operators in each category published by the Bank. The newly licensed Tier 1 BDCs are Dula Global BDC Ltd and Trurate Global BDC Ltd, according to the statement from the CBN.
The Tier 2 group comprises 80 firms, including Abbufx BDC Ltd, Arctangent Swift BDC Ltd, Corporate Exchange BDC Ltd, Greengate BDC Ltd, Hazon Capital BDC Ltd, Journey Well BDC Ltd, Masters BDC Ltd, Simtex BDC Ltd, Topgate BDC Ltd, Travellers Choice BDC Ltd, Victory Ahead BDC Ltd, and others spread across the country.
The non-refundable fees are distinct from the new minimum capital thresholds introduced under the reforms. The FAQs issued by the CBN state that Tier 1 BDCs must have a minimum capital of N2bn, while Tier 2 operators are required to hold N500m.
The capital must be deposited and verified before promoters can progress to final licensing, in line with the multi-stage approval process set out in the guidelines. Under the new structure, Tier 1 BDCs are permitted to operate nationwide, open branches, and appoint franchisees, subject to CBN approval.
Tier 2 BDCs can only operate in one state or the Federal Capital Territory and may establish up to five branches in their state of operation with the Bank’s consent. The CBN said only BDCs listed on its website are authorised to operate and warned that running a BDC business without a valid licence is an offence under Section 57 of the Banks and Other Financial Institutions Act 2020.
The bank also explained in its FAQs that the reforms are intended to improve access to foreign exchange for retail users, strengthen the financial sustainability of operators, and curb money laundering and other illicit financial flows in the foreign exchange market.
With the first 82 operators now fully licensed and integrated into the new regime, the central bank is expected to continue updating the list as more applicants meet the capital, governance, and compliance conditions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the CBN said in its recent statement.
