The Central Bank of Nigeria (CBN) has revoked many Bureau de Change (BDC) licenses, reducing the approved dealers from over 5,689 to 2,991.
As per the recently published list of approved BDCs, the apex bank made this decision public on Wednesday.
It’s worth noting that in 2022, the CBN had approved a more significant number of black market dealers, amounting to 5,689, as seen in their previous list.
This action comes in response to the rapid proliferation of BDC operators, with their numbers growing from 74 in 2005 to 5,689 by the end of the previous year.
On June 14, prompted by the directive of President Bola Ahmed Tinubu, the CBN implemented operational reforms in the country’s foreign exchange market, ultimately unifying the forex window.