Business
China Visits Nigeria With 3 Ships, Strengthens Bilateral Relationship
The Chinese Navy Escort Task Group (ETG) 162, comprising MSL Destroyer NANNING, MSL Frigate SANYA, and Supply Ship WEISHANHU, on Sunday visited Nigeria to strengthen bilateral relationship between the two countries.
The Chinese Ambassador to Nigeria, Mr Chi Jian Chun, said that the visitation of the Chinese envoy, scheduled for July 2 to 6, would also enhance maritime security within West Africa.
The News Agency of Nigeria (NAN) reports that MSL Destroyer NANNING, made the port call at Nigerian Port Authority (NPA) Berth 21, while the other two ships remained at anchorage.
Chun said that the delegation from China was big with more than 700 people and three ships to Nigeria.
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“The visit is to further deepen the relationship the two countries have with one another and also seek to strengthen and improve our relationship and cooperation with each other.
“This visit demonstrates the harmony and symphony between Nigeria and China,” he said.
The ambassador said that China and Nigeria would continue to work together and promote peace and harmony while also seeking ways to make contributions to the international community.
“I believe that this visit will deepen the cooperation between both countries military sector so that we can work together to overcome obstacles.
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“We will continue to do more things to facilitate and promote the relationship between the two countries,” Chun said.
Also, the Flag Officer Commanding (FOC) Western Naval Command, Rear Adm. Joseph Akpan, said the visitation would further help to cement the relationship between the two countries.
This is “especially between the Nigerian Navy and the Chinese Navy as well as the military. This will help us fight crimes, especially in the Gulf of Guinea.
“During their period of stay, our men will be interacting, we will be having some sporting activities, exchange of momentous and gifts.
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“We will also discuss the future of both navies, especially on how we can benefit from each other,” Akpan said.
The FOC added that the term called ‘sea riders’ enabled some of the Nigerian Navy personnel onboard the Chinese ship and they could also have some of their own men onboard our ship.
“This helps to foster friendship across the horizon,” Akpan said.
NAN reports that the Chinese people resident in Lagos came out in their numbers to welcome the Chinese envoy at the NPA.
There was also a rich display of the culture of the Chinese people which could be seen in the colourful display of their synchronised dance routine at the port.
(NAN)
Business
Full List: 82 Newly Approved, Fully Licensed BDC Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.
In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
READ ALSO:CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
READ ALSO:JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
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44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
Business
CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.
In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement said.
The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.
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“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement added.
The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.
The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.
The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.
Business
JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000
The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.
The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.
Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.
According to her, it will also curb money laundering risks associated with heavy reliance on cash.
She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.
She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.
The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”
She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.
She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.
Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.
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According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.
She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.
Sike said that such withdrawals would be counted as part of the cumulative weekly limit.
The director said that banks were also required to render monthly returns to the relevant supervisory departments.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.
Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.
She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.
She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.
