How to check if a bureau de change is licensed in Nigeria

In 2024 the Central Bank of Nigeria (CBN) issued new rules for bureaux de change (BDCs). Every existing BDC had to apply for a new licence, and in December 2025 the CBN said that only BDCs listed on its website are authorised to carry on BDC business. Dealing with an unlicensed dealer puts your money at risk — and running an unlicensed FX business is an offence.

Here’s how to check a BDC before you exchange money.

1. Find the business on the CBN’s published list

The CBN publishes the list of licensed BDCs on its website, cbn.gov.ng, and has said it will keep the list updated. Look for the exact business name. If you can’t find it, treat the business as unlicensed until proven otherwise.

2. Match the details exactly

• The name on the receipt, signboard and bank account should match the licensed name. Watch out for lookalike names.
• Payment should go to the business’s own bank account — never to an individual’s personal account.

3. Check where it’s allowed to operate

Licences come in two tiers. A Tier 1 BDC may operate across Nigeria and open branches (and, with CBN approval, franchises). A Tier 2 BDC may operate in only one state or the FCT.

4. Know what a licensed BDC will ask you for

• Buying FX: BDCs sell FX for specific purposes, such as personal or business travel, school fees abroad, medical bills abroad and professional exam fees. Expect to show supporting documents.
• Identity: residents are checked using their BVN or TIN; non-residents with a passport.
• Paying: you pay for FX by transfer to the BDC’s naira account.
• Selling FX: above the equivalent of $500, the BDC pays you by transfer to your naira bank account. If you sell $10,000 or more, you’ll be asked to declare where the money came from.

These rules come from the CBN’s 2024 BDC Guidelines and later circulars, which change from time to time. A licensed BDC will tell you the current requirements.

5. Red flags

• Exchanging on the street, in a car or at a “meet-up” spot — BDCs may not trade on the street.
• Being asked to send money first to a personal account.
• A rate far better than every other quote.
• Pressure to decide immediately, or refusal to give a receipt in the business’s name.
• Anyone asking for your card PIN, OTP or internet banking password.

6. Licences are renewed every year

BDC licences expire on 31 December and must be renewed early in the new year. A business that was licensed last year should still appear on the current list.

How Trust Aboki uses this

We check each provider’s licence against the CBN’s published list before it can send offers, record the date we checked, and re-check every licence year. A “Licence verified” badge tells you what we checked and when — it is not an endorsement by the CBN.

Sources

• Central Bank of Nigeria press release on licensed BDCs, December 2025 — cbn.gov.ng (as reported by BusinessDay, checked 27 September 2026).
• Udo Udoma & Belo-Osagie, “An Overview of the New Regime for Bureaux De Change Operations in Nigeria”, August 2024 — uubo.org (checked 27 September 2026).
• Credence Law, “Highlights of the Revised Regulatory and Supervisory Guidelines for Bureau de Change Operations” — credence-law.com (checked 27 September 2026).

This guide is general information, not legal or financial advice.