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Around 2900 Bureau de Change Dealers had their licences revoked by Nigeria’s Central Bank

Jul 21, 2023 | Business | 0 comments

Remember that the apex bank produced a list identical to this one last year, approving 5,689 black market sellers.

The number of Bureau de Change (BDC) dealers allowed by the Central Bank of Nigeria (CBN) has decreased from 5,689 approved last year to 2,991.

The licenses of 2,698 BDCs were found to have been cancelled on the list of authorized BDCs that the apex bank issued on Wednesday.

Remember that the apex bank produced a list identical to this one last year, approving 5,689 black market sellers.

Operator numbers increased significantly, from 74 in 2005 to 5,689 in 2021.

Godwin Emefiele, the suspended CBN governor, subsequently banned the sale of foreign currency to BDCs amid worries that they would engage in round-tripping and other illegal financial activities.

During the presidency of President Bola Tinubu, suggestions were made to put into effect important changes, such as raising the capitalization standards for BDC operators and enabling Nigerian banks to function as main dealers in the foreign exchange market.

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