Breaking:CBN Confirms 82 Fully Licensed BDCs

The Central Bank of Nigeria(CBN)has confirmed 82 Bureau De Change Operators under revised guidelines

In a statement on Monday by the Acting Director, Corporate Communications, Hakama Sidi Ali (Mrs),said the CBN in exercise of its power conferred under the Bank and Other Financial institutions act (BOFIA) 2020 and the Regulatory and Supervisory guidelines for Bureaux De Change operations in Nigeria 2024(, the guidelines), has granted final licences to 82 Bureaux De Change to operate with effect from November,27

According to CBN, by this notice, only Bureaux De Change listed on the Bank’s Website are authorised to operate from the effective date

Part of the statement read,”While the CBN will continue to update the list of Bureaux De Change 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

For the avoidance of doubt, operating a bureau De Change business without a valid licence is a punishable offence under section 57(1) of the banks and Other Financial institutions Act”

The Apex Bank therefore advised the members of the public to take note of the development and be guided