CBN’s BDC licences have reshaped Nigeria’s retail forex market, as authorities approved just 82 operators.
On December 8, 2025, the CBN announced the decision and signalled tighter market oversight.
However, many operators see the list as a beginning rather than an ending.
Tighter Forex Oversight Begins
Meanwhile, industry participants say approved firms account for only a fraction of applicants.
As a result, expectations remain high that the CBN will approve more operators soon.
Higher Capital, Fewer Operators
The reforms began in May 2024, when the CBN sharply raised capital requirements.
Under the framework, Tier-1 BDCs must raise ₦2 billion and operate nationwide.
Meanwhile, Tier-2 operators must raise ₦500 million and operate within one state.
Previously, operators met only a ₦35 million capital requirement.
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Now, the revised BDC Guidelines operate under BOFIA 2020.
CBN’s BDC licences have reshaped Nigeria’s retail forex market, as authorities approved just 82 operators.
BDC Approval Still Unfolding
According to ABCON President Aminu Gwadebe, the approvals remain interim.
He explained that early applicants completed requirements before the circular appeared.
At the same time, many operators continued consultations and raised funds.
Consequently, more operators have now met the requirements, Gwadebe said.
Nevertheless, operators still await timelines for final approvals.
In response, the CBN has promised to accelerate the approval process.
Earlier, stricter compliance rules had already reduced the sector significantly.
For example, regulators removed about 4,600 operators, leaving roughly 1,600 by 2024.
Then, capital rules eliminated more than 95% of remaining operators.
As a result, fewer than 5% of the original market now qualify.
The CBN confirmed the licences took effect from November 27, 2025.
Additionally, the bank warned the public against unlicensed forex dealers.
Finally, the CBN said it will release more approvals as reviews continue.
Previously, ABCON opposed the capital increase, citing global best practice concerns.
Now, attention has shifted to how quickly the CBN will issue remaining licences.
