The Central Bank of Nigeria (CBN) has granted final licences to 82 Bureaux De Change (BDCs) to operate effective November 27.
In a statement issued on Monday in Abuja, the Acting Director of the Corporate Communications Department, Mrs Hakama Sidi-Ali, said the exercise was carried out in line with the powers conferred on the Bank under the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to Sidi-Ali, the approval also reflects the enforcement of the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
“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.
“The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” she added.
She noted that operating a BDC business without a valid licence is a punishable offence under Section 57(1) of BOFIA 2020, and urged members of the public to take note.
At one point, about 5,690 BDCs operated across the country. However, on March 1, 2024, the CBN revoked the licences of 4,173 operators over regulatory non-compliance, reducing the number of licensed BDCs to about 1,517.
