Tag: CBN

The Central Bank of Nigeria (CBN) has confirmed that only 82 Bureau De Change (BDC) operators currently have valid licenses to operate in the country.

The disclosure was made in a statement issued on Monday by the Bank’s spokesperson, Hakama Sidi Ali.

According to the apex bank, the approvals were granted in line with its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations.

The CBN said the final licenses became effective on November 27, 2025, warning that any individual or company operating a BDC without a valid license is in violation of Section 57 of BOFIA 2020.

“By this notice, only Bureaux De Change listed on the Bank’s website are authorized to operate from the effective date,” the statement said.

While noting that the list of licensed operators will be updated regularly on its website, the CBN urged the public to avoid dealing with unlicensed foreign exchange dealers.

“For the avoidance of doubt, operating a Bureau De Change business without a valid license is a punishable offense under Section 57(1) of BOFIA 2020. Members of the public are hereby advised to note and be guided accordingly,” the Bank added.

Full list of Licensed BDCs:

TIER 1

1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD

TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD

55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD

The Central Bank of Nigeria (CBN) has introduced major changes to its cash-handling regulations, removing the cap on cash deposits and increasing the weekly withdrawal limit across all platforms to N500,000, up from the previous N100,000.

The policy shift was communicated through a circular issued to financial institutions and titled “Revised Cash-Related Policies”, endorsed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.

In the document, the apex bank explained that the overhaul aligns with efforts to curb the surging cost of managing physical cash, tackle security risks, and stem money-laundering vulnerabilities linked to Nigeria’s cash-driven economy.

The CBN noted that although earlier cash directives were created to push Nigerians toward electronic payment options, a review became necessary to align with current economic conditions.

With effect from January 1, 2026, the circular listed several major amendments. The cap on cumulative deposits has been abolished, and additional charges for surpassing former deposit limits have been eliminated.

The bank also announced a fresh cumulative withdrawal ceiling of N500,000 weekly for individuals and N5 million for corporate entities across all access points. Any amount above the stated limits will incur excess-withdrawal fees as outlined in the new guidelines.

The earlier monthly special approval which permitted individuals to draw N5 million and corporates N10 million once every month has now been scrapped.

For ATM usage, customers will still be restricted to N100,000 daily, with a total weekly limit of N500,000, which contributes to the overall weekly withdrawal total applicable to ATMs, POS machines, and other channels.

The CBN added that withdrawals exceeding the approved thresholds will attract charges of 3% for individuals and 5% for organisations, to be split 40% to the CBN and 60% to the servicing bank or financial institution.

Banks have also been instructed to ensure ATMs are stocked with all available currency denominations. Meanwhile, the ceiling on over-the-counter withdrawals using third-party cheques remains at N100,000, which will also count toward a customer’s weekly limit.

In addition, deposit money banks are mandated to submit monthly compliance reports to departments responsible for supervision, including Banking Supervision, Other Financial Institutions Supervision, and Payments System Supervision.

The circular clarified that the new rules will not apply to revenue-collecting accounts operated by federal, state, or local governments.

Accounts belonging to microfinance banks and primary mortgage banks domiciled with commercial or non-interest banks also remain exempt.

However, the previous privileges granted to embassies, diplomatic offices, and donor agencies have been withdrawn.

The Central Bank of Nigeria (CBN) has expressed concern that the persistent abuse of the naira is significantly increasing the cost of printing and replacing currency notes.

The warning came on Wednesday at the flag-off of a nationwide sensitisation campaign on proper naira handling, held in Abuja.

The Deputy Governor, Operations Directorate, Dr Bala Bello, was represented by Dr Adedeji Adetona, Director of Currency Operations and Branch Management Department, who delivered the speech on his behalf.

“The Naira is more than a means of payment. It represents our national pride, our sovereignty, and our shared destiny as a people. Unfortunately, careless practices-folding, tearing, spraying at social events, writing on notes, and even outright mutilation undermine the dignity of our national symbol and increase the costs of maintaining it,” Bello said.

He warned that if corrective measures are not taken, Nigerians will continue to bear the consequences.

“If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement of the currency, cause frustration in everyday transactions, and weaken confidence in our national currency,” he added.

The campaign, themed “Naira Our Pride: Handle with Care”, is aimed at changing behaviours and instilling respect for the national currency.

The Deputy Governor stressed that the CBN cannot achieve this goal alone and called for the collaboration of banks, transport unions, traders, schools, civil society, religious organisations, and the media.

“Every stakeholder has a critical role to play. Banks must continue to educate customers and ensure fit notes are always in circulation. Markets and transport operators must help discourage the rejection or abuse of Naira notes, the media and civil society must amplify the campaign and take the message into every household, while all Nigerian citizens must see themselves as custodians of the Naira. This is how we will move from sensitisation to true behavioural change,” he said.

Bello also cautioned against hoarding cash, particularly as the festive season draws closer.

“As the yuletide season approaches, I must also emphasise that cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system. Here again, collaboration is important. I therefore call on all stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding practices,” he said.

He explained that if Nigerians handled their notes with care, the lifespan of the currency would be extended, avoidable costs would be reduced, and the naira’s position as a symbol of unity and pride would be preserved.

The sensitisation exercise, he said, would reach every state and community across the country.

In his welcome address, the Director of Currency Operations and Branch Management Department, Dr Adedeji Adetona, who was represented by a Deputy Director, Mr Kazeem Olatinwo, said the campaign was not only about clean notes but also about national pride and public confidence in the financial system.

He assured Nigerians that adequate arrangements have been made to ensure a sufficient supply of banknotes during the upcoming festive season.

“As we approach the yuletide, the Bank has made sufficient arrangements to ensure an adequate supply of banknotes to meet demand nationwide. What is needed is proper handling to keep our notes clean and fit for use,” he said.

Also speaking, the Acting Director of the Corporate Communications Department, Hakama Sidi-Ali, reminded Nigerians that issuing legal tender currency and ensuring the availability of clean notes are core mandates of the CBN under sections 17, 18 and 19 of the CBN Act 2007.

She called on citizens to take ownership of efforts to protect and preserve the integrity of the naira, stressing that it is not a task the apex bank can achieve alone.

According to her, the apex bank remains committed to enhancing Nigeria’s payment system while also protecting consumer rights.

She encouraged citizens to embrace alternative payment platforms to reduce pressure on cash usage.

Earlier in May 2025, The PUNCH reported that the CBN spent N315.18bn on currency issue expenses in 2024, marking an increase of 306 per cent compared to N77.67bn recorded in 2023.

Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.

The over 300 per cent rise in currency expenses is likely due to the massive printing of new notes, the logistics of redistributing cash across the country, and the destruction of old and damaged banknotes.