AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Only bureaux de change on the CBN's published list may operate; the CBN licensed 82 BDCs under its 2024 guidelines from 27 November 2025, and more were reported licensed in early 2026. Buy from a listed BDC at its premises, count and inspect every note in front of the dealer before you leave, and get a receipt. Street and individual deals carry the risk of fake notes, short counts and robbery, with no one to complain to.
Many Nigerians still need physical dollars: for travel, school fees abroad paid in cash, or to hold savings. The market for cash changed sharply after the CBN's BDC reforms, and some familiar street spots now sit outside the licensed system. This guide covers how to check a dealer, how to handle the notes, and what can go wrong. It does not give a rate: the rate moves daily, so check it with the dealer on the day.
Step 1: confirm the BDC is licensed
After its 2024 Regulatory and Supervisory Guidelines for BDCs, the CBN issued final licences to 82 BDCs (2 Tier 1 and 80 Tier 2) effective 27 November 2025, and said only BDCs on its published list may operate (TechCabal, December 2025). Techeconomy reported in February 2026 that around 100 new licences had been approved. Over 4,000 BDC licences were revoked in 2024.
- Check the BDC's name against the list on the CBN's website. The CBN's supervised institutions page carries lists by category, including BDCs, and the list is updated as licences are issued.
- Tier 2 BDCs are limited to one state, so a Tier 2 BDC claiming branches across the country is a warning sign.
- Operating a BDC without a licence can attract a fine of up to ₦10 million plus ₦200,000 a day under section 57(1) of BOFIA, as reported by TechCabal.
- Banks, payment service banks, fintechs and money transfer operators cannot hold BDC licences, so a 'fintech BDC' is not a licensed BDC.
Step 2: agree the deal properly
- Ask for the rate and any charges in writing, or on the dealer's board, before handing over naira.
- Pay from your own bank account to the BDC's corporate account, not a staff member's personal account.
- Expect to provide identification; licensed dealers have customer checks to carry out.
- Ask for a receipt showing the amount, rate and date.
Step 3: count and inspect before you leave
Most losses happen in the last minute, when notes are counted quickly and handed over in an envelope. Slow that minute down.
- Count it yourself, at the counter, in front of the dealer. Then count again. Do not accept a pre-sealed envelope.
- Watch the notes from count to your hand. A switch after counting is a known trick in informal deals.
- Inspect each note against the security features published by the issuing central bank. For US dollars, see how to check a $100 bill.
- Check condition. Torn, marked or very old notes can be harder to spend or deposit abroad. Ask to swap any you are not happy with before you leave.
- Keep the receipt with the notes until you have used them.
Why street and individual deals are riskier
Buying from an unlicensed dealer, a contact on WhatsApp, or a person who 'knows someone' removes every protection above:
| Risk | What happens | Why it is worse off the books |
|---|---|---|
| Fake notes | Counterfeits mixed into a bundle | No licensed business to return to |
| Short count | Bundle counted fast, notes missing | No receipt, no record |
| The switch | Real notes shown, different bundle handed over | Usually discovered after the dealer has gone |
| Transfer first | You send naira, dollars never arrive | You may be dealing with a fake identity |
| Robbery | You are followed after a cash meet-up | You are known to be carrying cash |
Worked example
Example: you transfer naira for $500 to a contact who promises to bring the notes. He sends a delivery rider with an envelope of five $100 notes. One is fake and the rider is gone. You have lost a fifth of the purchase, with no receipt and an informal seller who may not answer. At a licensed BDC, you would have counted and inspected all five at the counter before leaving.
After you leave
Do not count large sums again on the street or in a car park, and do not announce the purchase. Go straight to where the money will be kept or used. If you discover a fake note later, go back to the BDC with the receipt the same day; a licensed dealer has a reputation and a licence to protect, which is the practical value of buying from one. If the dealer refuses to engage, you can raise it with the CBN, giving the BDC's name, the receipt and the date.
Do you need cash at all?
For many uses, a dollar balance in an account is safer than notes in a drawer. Our guides on buying dollars legally and withdrawing dollar cash from a domiciliary account compare the options. If you plan to travel with cash, read how much cash you can carry out of Nigeria.
Where Pryme fits
A Pryme account holds USD alongside naira, with local account details for each currency. If you receive or keep dollars, they stay in dollars until you choose to Swap; the rate is shown first and the fee is on its own line before you approve. See multicurrency accounts.
Questions people ask
How do I know if a BDC is licensed in Nigeria?
Check its exact name against the BDC list on the CBN's website. The CBN said only BDCs on its list may operate.
How many licensed BDCs are in Nigeria?
The CBN licensed 82 BDCs effective 27 November 2025, and Techeconomy reported around 100 new licences in February 2026. Check the CBN list for the current number.
Is it safe to buy dollars from someone on the street?
It carries the highest risk: fake notes, short counts, switched bundles and robbery, with no licensed business to complain to.
What should I check when buying dollar cash?
Count every note yourself at the counter, inspect each against the published security features, refuse damaged notes, and keep a receipt.
Sources
- CBN fully licenses 82 BDCs under 2024 guidelines (TechCabal, 8 Dec 2025) · accessed Oct 2026
- BDCs: CBN issues 100 new licences as Tier 1 operators meet ₦2bn recapitalisation floor (Techeconomy, 23 Feb 2026) · accessed Oct 2026
- CBN: Supervised financial institutions lists · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.