The Central Bank of Nigeria offer two foreign exchange licences in Nigeria to be able to buy and sell forex:
Authorised Dealer Banks in Nigeria:
These are banks that are authorised by CBN to buy and sell forex in the form of international telegraphic transfers, forex cash, traveller's cheques or travel cards. These banks typically trade in all forms of forex and are members of the Swift network.
Nigerian Bureau de Changes:
Bureau de Changes are authorised by CBN to deal in travel money only including foreign currency cash, traveller's cheques or travel cards only. These Bureau de Changes can buy and sell forex for travel related purposes.
Only the above licenced and approved foreign exchange companies are allowed to buy, sell and trade forex in Nigeria.
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