82 BDCS Approved in Nigeria: What It Means for Forex Supply and the Economy
The Central Bank of Nigeria (CBN) has approved 82 new Bureau De Change (BDC) operators across the country, marking another major step toward stabilising the forex market, improving liquidity, and curbing illegal currency trading.
The approval is part of ongoing reforms aimed at restoring confidence in Nigeria’s FX sector and strengthening the naira through wider access to regulated currency exchange services.
Why the Approval Matters
The approval of these 82 BDCs follows the CBN’s revamped operational guidelines released mid-2024, which introduced:
- Stricter compliance rules
- Mandatory capital requirements
- Digital reporting standards
- Transparency measures on FX transactions
With more licensed operators running under standardized rules, the CBN hopes to reduce the dominance of the unregulated parallel market and give Nigerians more trusted avenues for legitimate forex exchange.
Impact on the Nigerian Forex Market
The introduction of these new BDCs is expected to produce several direct benefits:
Improved FX Liquidity
More licensed BDCs means more points of access for forex, reducing artificial scarcity and helping moderate black-market rates.
Lower Pressure on the Naira
With more official channels offering competitive prices, demand shifts away from the street market, easing pressure on the national currency.
Better Monitoring & Transparency
The CBN’s digital reporting system requires every transaction to be logged, helping reduce:
- Money laundering
- Rate manipulation
- Multiple exchange windows
Increased Competition
More operators mean better service, fairer rates, and wider coverage for individuals and businesses.
What Nigerians Should Expect
Nigerians especially travellers, SMEs, and importers can expect smoother access to FX through:
- Verified BDC outlets
- Standardized rates
- Improved consumer protection
- Reduced chances of being scammed by unlicensed operators
Consumers are encouraged to use only CBN-approved BDCs for foreign currency transactions, as the regulator continues to clamp down on illegal operators.
Part of Wider Economic Reforms
The approval of 82 new BDCs aligns with ongoing economic actions from the Federal Government and the CBN, including:
- FX market liberalisation
- Encouraging diaspora remittances through official channels
- Boosting investor confidence
- Strengthening monetary policy
These combined measures aim to build a more stable FX market and support Nigeria’s economic recovery.
