The new BDC regime: everything changed in 2024
The Bureau de Change sector was overhauled by the CBN’s 2024 Regulatory and Supervisory Guidelines for BDC Operations. The CBN revoked a large number of existing BDC licences, introduced Tier 1 and Tier 2 categories with much higher capital, and directed operators to reapply under the new rules. If you want a BDC licence — or need to keep an existing operation alive — this is the current landscape.
Tier 1 vs Tier 2
- Tier 1 — national reach (franchise/branches), the higher capital and standard.
- Tier 2 — state-level operation, lower (but still substantial) capital.
- Both carry strict AML/CFT, SCUML and reporting obligations.
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Need a BDC licence under the new rules?
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