Economy

Major Purge in FX Market as 1,435 BDCs Lose Licences Under Fresh Recapitalisation Rules

Published

1 month ago

December 10, 2025

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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the conditions of the revised guidelines as of November 30, 2025, has automatically ceased to exist, as its licence is no longer valid.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

Naira appreciates to N1,490/$ in parallel market

Published

2 days ago

January 21, 2026

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The Naira yesterday appreciated to N1,490 per dollar in the parallel market from N1,495 per dollar on Monday.

Likewise, the naira appreciated to N1,420 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,420 per dollar from N1,420.5 per dollar on Monday, reflecting a 50 kobo appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N70 per dollar from N74.5 per dollar on Monday.

Economy

The Black Market Dollar to Naira Exchange Rate for 20th January 2026

Published

2 days ago

January 20, 2026

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Can Be Accessed Below:

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.

Black Market Dollar To Naira Exchange Rate Today 20th January 2026Published 5 seconds ago on January 20, 2026By newsrainng
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)

The Black Market Dollar to Naira Exchange Rate for 20th January 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.
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The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1500 and buy at ₦1480 on Tuesday, 20th January, 2025, 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 ₦1500
Buying Rate ₦1480
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1421
Lowest Rate ₦1419

Economy

See Dollar to Naira Exchange Rate at Black Market

Published

3 days ago

January 19, 2026

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The naira continued to trade at a weaker position against the United States dollar at the Lagos parallel market, popularly known as the black market.

Checks with operators at various Bureau De Change (BDC) outlets in Lagos revealed that the dollar was sold for ₦1,500, while buyers exchanged the greenback at ₦1,485 per dollar. This reflects the ongoing pressure on the local currency amid sustained demand for foreign exchange in the informal market.

Currency traders attributed the disparity in rates to limited dollar supply and increased demand from importers, travelers, and individuals seeking foreign exchange for personal and business transactions.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market. The apex bank has repeatedly warned Nigerians against patronizing the parallel market, advising those in need of foreign exchange to obtain it through their respective commercial banks and other approved channels.

At the official foreign exchange market, the naira traded at relatively stronger levels. According to data from the CBN, the highest exchange rate recorded was ₦1,420 per dollar, while the lowest stood at ₦1,416 per dollar during the same period.

The wide gap between the official and parallel market rates continues to highlight persistent challenges in Nigeria’s foreign exchange system, including dollar liquidity constraints and speculative trading activities.

Market observers caution that exchange rates may vary slightly depending on location, volume of transaction, and the dealer involved. As a result, the actual price at which individuals buy or sell foreign currency may differ from the rates quoted.