CBN-Approved ‘Bureau De Change’ Operators Per States

The Central Bank of Nigeria (CBN) has released a list of eligible Bureau De Change (BDCs) operators.

The CBN said all eligible BDCs must adhere to strict guidelines regarding the sale of foreign exchange to end-users.

Currently, the number of BDCs stands at 5,690, according to data from the CBN.

It directed BDCs to sell to end-users with a margin not exceeding one per cent of the purchase rate from the CBN.

To facilitate the process, BDCs are required to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts.

Subsequently, they are to submit confirmation of payment along with other necessary documentation for disbursement at the designated CBN branches in Abuja, Awka, Lagos, and Kano.

Half of all the BDC operators in Nigeria are located in Lagos, highlighting the state’s dominance in the foreign exchange (FX) market.

This is followed by the federal capital territory (FCT), Abuja and Kano state

Here is the list of BDCs in Nigeria by state:

Lagos: 2,958

Abuja: 1,179

Kano: 981

Anambra: 259

Kaduna: 55

Abia: 50

Oyo: 32

Enugu: 25

Rivers: 24

Delta: 21

Sokoto: 18

Imo: 15

Edo: 14

Borno: 11

Bauchi: 7

Kwara: 7

Plateau: 6

Ebonyi: 4

Kebbi: 4

Niger: 3

Ogun: 3

Katsina: 3

Akwa Ibom: 2

Cross River: 2

Gombe: 2

Kogi: 2

Bayelsa: 1

Benue: 1

Nasarawa: 1