Central Bank of Nigeria (CBN) revokes operating licences of 236 Bureau de Change

The(BDCs) operators for their inability to meet the required capital for foreign exchange transactions.


The CBN said this in its circular with reference number “TED/FEM/FPC/GEN/01/041” on Wednesday and signed by the apex bank’s Director of Trade and Exchange Department, Mr Batari Musa.

In the circular entitled “Revocation of Operating Licence of 236 BDCs, All Authorised Dealers, BDC Operators and the General Public”, the CBN said that the revocation took effect from Jan. 14.

The apex bank warned the public to desist from having foreign exchange transactions with the proscribed BDCs.

On Nov. 3, 2010, the CBN announced the withdrawal of the licences of all existing Class A BDCs with effect from Nov. 8, 2010.

It said that the withdrawal of the licences was part of the measure to stem some gross abuses in the forex market.

The CBN had also said that the move was in line with its avowed commitment to eradicate money laundering.

The CBN had pegged the maximum amount of foreign exchange cash purchase of BDCs per week to $50,000 with effect from July 9, 2012.