The Central Bank of Nigeria (CBN) has granted final licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27.
The CBN disclosed this in a statement on Monday, December 8, by its Acting Director, Corporate Communications Department, Hakama Sidi-Ali.
Sidi-Ali disclosed that the exercise was in line with its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020.
According to her, it is also an enforcement of the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria (2024)
“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 (www.cbn.gov.ng).
“The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” she said.
She noted that operating a BDC business without a valid licence was a punishable offence under Section 57(1) of the BOFIA 2020.
She advised members of the public to note and be guided accordingly.
Recalls that at one point, there were about 5,690 BDCs operating across Nigeria.
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But on March 1, 2024, the CBN revoked the licences of 4,173 BDC operators for regulatory non-compliance. After that revocation, the number of licensed BDCs dropped to around 1,517.
The ICIR reports that the CBN had, in May 2024, issued new operational guidelines for BDCs.
The guidelines, effective June 3, 2024, directed all existing BDCs to reapply for new licences.
It provided that BDC operators with Tier 1 licences raised their capital base to N2 billion, while those with Tier 2 licences to N500 million.
The operators were also required to pay a non-refundable licence fee of N5 million and N2 million, respectively.
At the time, the CBN gave both the Tier 1 and Tier 2 BDC operators six months to meet the minimum capital requirement.
It later extended the deadline by an additional six months, which ended on Tuesday, June 3.
