The Central Bank of Nigeria (CBN) has stepped up efforts to improve transparency, strengthen regulation and promote professionalism in the country's foreign exchange market through a two-day capacity-building programme for newly licensed Bureau de Change (BDC) operators.
According to the apex bank's June 2026 bulletin, the training programme was held in Lagos and formed part of broader reforms aimed at creating a more resilient, transparent and well-regulated foreign exchange ecosystem.
The initiative was coordinated by the CBN's Financial Policy and Regulation Department (FPR) in collaboration with several other departments within the bank. It focused on equipping newly licensed operators with a comprehensive understanding of the Revised Regulatory and Supervisory Guidelines for BDC Operations, 2024, while supporting effective implementation of the new regulatory framework across the industry.
CBN Reaffirms Commitment to Higher Industry Standards
Speaking during the programme, the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, described the training as an important milestone in the Central Bank's ongoing reforms designed to improve transparency, strengthen regulatory oversight and encourage better market conduct within Nigeria's foreign exchange sector.
She said the licensing of a new generation of Bureau de Change operators presents an opportunity to reposition the industry by raising operational standards and restoring public confidence.
Dr. Sike also underscored the importance of strict regulatory compliance, noting that adherence to established guidelines goes beyond meeting legal obligations.
According to her, compliance is essential for preserving the integrity, credibility and long-term stability of Nigeria's financial system.
Operators Urged to Uphold Professionalism
Also speaking at the event, the Acting Director of the CBN's Development and Financial Institutions Supervision Department, Ali Mairami, encouraged participants to put the knowledge acquired during the training into practice.
He urged the newly licensed operators to maintain high standards of professionalism, accountability and regulatory compliance in their day-to-day operations, stressing that responsible conduct is critical to the effectiveness of the foreign exchange market.
Industry Stakeholders Deliver Technical Sessions
The capacity-building programme featured a series of technical sessions covering key regulatory requirements and operational procedures for Bureau de Change businesses.
The sessions were facilitated by experts from the Central Bank of Nigeria alongside representatives of several strategic institutions, including the Nigerian Financial Intelligence Unit (NFIU), the Federal Airports Authority of Nigeria (FAAN), the Nigeria Inter-Bank Settlement System (NIBSS) and Travelex Nigeria Limited.
The collaboration provided participants with practical insights into compliance obligations, financial intelligence reporting, payment systems and operational best practices.
The initiative reflects the CBN's broader commitment to strengthening governance within the foreign exchange market and ensuring that newly licensed Bureau de Change operators are equipped to operate in line with global regulatory standards while supporting stability and public confidence in Nigeria's financial system.