Economy
Major Purge in FX Market as 1,435 BDCs Lose Licences Under Fresh Recapitalisation Rules
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A total of 1,435 Bureau De Change operators have lost their operating licences after failing to meet the new capital requirements set by the Central Bank of Nigeria (CBN), marking one of the most sweeping regulatory clean-ups in the subsector.
The CBN made it clear that any legacy BDC that did not meet the conditions of the revised guidelines as of November 30, 2025, has automatically ceased to exist, as its licence is no longer valid.
The apex bank communicated this in a document titled ‘Frequently Asked Questions (FAQs) on the Current Reform of the Bureau De Change Sub-Sector, published on its website.
In response to a question on the fate of old BDCs unable to meet the new licensing requirements, the CBN explained that it had initially provided a six-month transition window, beginning on June 3, 2024 and ending on December 3, 2024, for all existing operators to comply with the recapitalisation and other provisions of the new guidelines. It added that its management later granted a further six-month extension, which ended on June 3, 2025, to give as many legacy operators as possible the opportunity to regularise their status.
According to the Central Bank, “any legacy BDC that failed to meet the requirements of the new Guidelines as at November 30, 2025, has ceased to be a BDC as its licence no longer exists,” urging the public to visit its website for the updated list of authorised operators.
The development comes against the backdrop of a massive overhaul in the sector. As of 2023, the CBN had confirmed 5,687 licensed BDCs in operation, but on March 1, 2024, it revoked the licences of 4,173 operators over serial regulatory breaches, which reduced the number of active BDCs to around 1,517. By November 27, 2025, only 82 operators were granted final licences under a stricter regulatory framework designed to sanitise the market.
The CBN also used the FAQ document to clarify issues frequently raised by stakeholders. Responding to concerns about how to distinguish a street trader from a licensed BDC, it explained that a street trader is anyone dealing in foreign currency on the streets or in public places without a valid licence or authorisation, typically engaging in cash transactions that are not properly documented. A licensed BDC, it said, is a legally recognised entity that operates strictly within the regulatory framework and appears on the list published on the CBN’s website.
The regulator further addressed questions about the transferability of BDC licences, stressing that a licence or ownership interest cannot be transferred without prior approval from the CBN. It emphasised that no BDC is permitted to undertake any action that results in a change of ownership or control, nor can it sell, dispose of or transfer any part of its business or licence, merge with another entity, restructure its capital, or hand over operations to a management agent without explicit regulatory consent. Any BDC seeking to enter a merger or acquisition arrangement must apply formally to the CBN.
On whether family members can pool funds to obtain a BDC licence, the bank confirmed that this is permitted, provided all requirements outlined in the guidelines are fully met. It also clarified that BDCs are not allowed to finance other trades or businesses outside the scope explicitly stated in the guidelines, regardless of their size or new capital levels.
Addressing concerns about limits on customer sales of foreign exchange to BDCs, the CBN said there is no specific cap on how much FX an individual may sell to a licensed BDC. However, it noted that operators must observe all Anti-Money Laundering, Combating the Financing of Terrorism and Counter-Proliferation Financing regulations, which require them to obtain relevant information from customers on the source of funds for transactions above $10,000.
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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