The Central Bank of Nigeria has earned at least N192m in non-refundable fees after granting final operating licences to 82 Bureau De Change operators under its revised regulatory framework. The approvals, which took effect on November 27, 2025, mark the first major batch cleared under the new rules.
The figure is based on official fee schedules contained in the May 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations and the list of licensed operators published by the CBN on December 8, 2025. The approvals were formally announced during the bank’s latest disclosure on licensed forex operators.
According to the CBN, the 82 approved BDCs are split into two categories. Two firms were licensed as Tier 1 operators, while the remaining 80 were approved as Tier 2 operators. Each tier attracts different application and licence fees, all of which are non-refundable.
Under the guidelines, Tier 1 BDCs are required to pay a N1m application fee and a N5m licence fee. This means the two Tier 1 operators paid a combined N12m to the apex bank, made up of N2m in application fees and N10m in licence fees.
Tier 2 operators face lower charges but account for the bulk of the revenue. Each Tier 2 BDC pays a N250,000 application fee and a N2m licence fee. Multiplied across 80 operators, the total comes to N20m in application fees and N160m in licence fees, amounting to N180m.
When combined with the Tier 1 payments, the CBN’s total earnings from the 82 licences stand at N192m. The calculation mirrors the official fee structure and the number of operators approved in each category.
The newly licensed Tier 1 operators are Dula Global BDC Ltd and Trurate Global BDC Ltd. The Tier 2 list includes dozens of firms spread across the country, reflecting the broader reopening of the BDC segment after regulatory tightening.
The fees are separate from the significantly higher capital requirements introduced under the reforms. Tier 1 BDCs must maintain a minimum capital base of N2bn, while Tier 2 operators are required to hold N500m. The capital must be deposited and verified before final approval is granted.
Under the new structure, Tier 1 BDCs can operate nationwide, open branches, and appoint franchisees with CBN approval. Tier 2 operators are restricted to one state or the Federal Capital Territory and may run up to five branches within that area.
The CBN says the reforms are designed to improve retail access to foreign exchange, strengthen operator sustainability, and curb money laundering and illicit financial flows. The bank warned that operating without a valid licence is an offence under BOFIA 2020 and said it will continue updating the list of authorised BDCs as more applicants meet the requirements.
