✨ Breaking News: CBN reduces selection of authorized BDCs to 82 below revised tips

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The Central Bank of Nigeria (CBN) has granted ultimate licences to 82 Bureaux De Change (BDCs) to perform with impact from Nov. 27.

A observation issued in Abuja on Monday by means of Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, mentioned that the workout was once consistent with its powers conferred below the Bank and Other Financial Institutions Act (BOFIA) 2020.

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

“By this realize, best BDCs indexed at the Bank’s site are accredited to

perform from the efficient date.

“The CBN will proceed to replace the checklist of BDCs with legitimate working licences for public verification on our site (www.cbn.gov.ng).

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

She mentioned that working a BDC commerce with no legitimate licence was once a punishable offence below Section 57(1) of the BOFIA 2020.

She instructed individuals of the general public to notice and be guided accordingly.

The News Agency of Nigeria (NAN) recollects that at one level there have been about 5,690 BDCs working throughout Nigeria.

But on March 1, 2024, the CBN revoked the licences of four,173 BDC operators for regulatory non-compliance. After that revocation, the selection of authorized BDCs dropped to round 1,517. (NAN)

The publish CBN reduces selection of authorized BDCs to 82 below revised tips seemed first on Vanguard News.

📅 Published on 2025-12-08 20:01:00

👉 Source hyperlink: www.vanguardngr.com

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