Nigeria’s central bank has licensed 82 new bureau de change operators as part of its ongoing overhaul of the foreign exchange market aimed at improving transparency and stabilizing the naira. The announcement was made on Friday in Abuja as the bank continued implementing reforms introduced earlier in the year to tighten regulatory oversight and broaden access to official foreign currency channels.
The Central Bank of Nigeria stated that the newly approved operators met the requirements set out in its revised licensing framework, which includes higher capital thresholds and stricter compliance guidelines. The move is intended to rebuild confidence in the retail FX segment and address long-standing concerns about parallel market distortions, as reported by Reuters.
A senior official at the bank explained that the latest issuance forms part of a phased programme to modernise the FX ecosystem. The official said the central bank is committed to ensuring that all licensed entities operate within clearly defined rules that support market stability and protect consumers.
Analysts say the approval of new operators signals renewed momentum in the government’s efforts to unify exchange rates and curb speculative trading that has pressured the naira. The policy shift is expected to enhance liquidity in the retail segment and improve accessibility for small businesses that rely on bureau de change services.
