CBN reduces number of licensed BDCs to 82 under revised guidelines

The Central Bank of Nigeria (CBN) has granted final licenses to 82 Bureaux De Change (BDCs) to operate with effect from Nov. 27.

A statement issued in Abuja on Monday by Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, stated that the exercise was in line with its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020.

According to Sidi-Ali, it is also an enforcement of the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria 2024,

“By this notice, only BDCs listed on the Bank’s website are authorised to
operate from the effective date.

“The CBN will continue to update the list of BDCs with valid operating licences for public verification on our website (www.cbn.gov.ng).

“The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” she said.

She said that operating a BDC business without a valid licence was a punishable offence under Section 57(1) of the BOFIA 2020.

She advised members of the public to note and be guided accordingly.

Our correspondent recalls that at one point there were about 5,690 BDCs operating across Nigeria.

But on March 1, 2024, the CBN revoked the licences of 4,173 BDC operators for regulatory non-compliance. After that revocation, the number of licensed BDCs dropped to around 1,517.