The Central Bank of Nigeria (CBN) has put the number of licensed bureau de change (BDC) operators effective from November 27 at 82.

The operators were streamlined based on the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024, which imposed new operating requirements on operators.

In a statement signed by the Acting Director, Corporate Communications, Hakama Sidi Ali, the bank said only the licensed BDCs are allowed to operate.

It, however, noted that the list would be continuously updated as more operators comply with the operating requirement.

Meanwhile, Fitch Ratings, yesterday, advised the CBN to adopt a cautious approach to monetary policy easing going into the new year, warning that hasty rate cuts could undermine recent gains in inflation war.

The World Bank had earlier warned that the inflation was still relatively too high and that a tightened monetary policy stance would need to be sustained to rein in inflation.

Headline inflation rate has slowed by 50 per cent since November last year – from above 34 per cent to 16 per cent at the last number price index (CPI) reading.

The CBN, which is hoping to migrate to inflation targeting, said single-digit inflation, which was last experienced in 2015, remained its medium-term target.

At its last meeting, it held the monetary policy rate at 27 per cent but relaxed the transaction corridor (otherwise known as the asymmetry corridor), which guides commercial bank-CBN borrowing.

Fitch, in its Sub-Saharan Africa Sovereigns Outlook 2026 released yesterday, noted that while declining inflation rate across the region creates space for policy rate reductions, central banks must carefully balance rate cuts with effective liquidity management to avoid destabilising their economies.

“South Africa’s new inflation target is consistent with policy rate cuts, the Central Bank of Nigeria should continue to ease policy cautiously, and we see further cuts in Kenya and Ghana,” Fitch stated.

Fitch projected a neutral outlook for SSA sovereigns in 2026, projecting steady growth alongside moderate inflation.

The agency expected ongoing reforms and improving terms of trade to offset challenges from reduced external assistance and global economic uncertainty.

The report highlighted that political activism, particularly among young people, and forthcoming elections in several countries could constrain fiscal adjustments across the region.

The agency noted improved financing conditions for the region, with global policy rates and spreads declining. Markets reopened in the second half of 2025 for lower-rated borrowers, providing crucial refinancing opportunities ahead of substantial debt maturities expected in 2026.

Among the 21 countries rated by Fitch in the region, 15 currently hold a stable outlook—the highest since 2019.

Cameroon and Rwanda remain on Negative Outlook, whilst no country holds a Positive Outlook for the first time since March 2022.

The agency projected median GDP growth of 4.3 per cent in 2026, with Uganda leading due to oil production. Benin, Ethiopia and Rwanda are expected to record growth rates above 7 per cent.

Median inflation is forecast at 4 per cent, reflecting subdued food and energy prices.

Government debt-to-GDP ratios across the region are projected to decline marginally, supported by fiscal consolidation efforts and economic growth. Fitch expects a median primary surplus of 0.4 per cent of GDP, although overall deficits are likely to widen due to higher interest costs.

“Fiscal reform has focused on revenue mobilisation and spending efficiencies,” the report noted, whilst cautioning that reform fatigue and political pressures could derail progress.