CBN Releases Names of Approved Bureau de Change Operators in Nigeria BDCs Licensed to Buy, Sell Dollars
- The Central Bank of Nigeria has released an updated list of Bureau de Change operators in Nigeria
- In a new document, the apex bank delisted about 2,698 BDC operators and retained the licenses of 2,991 others
- The operators, however, told CBN that the current naira unification would not work until they are included in the I&E window
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The Central Bank of Nigeria has released a revised list of Bureau de Change operators in Nigeria.
The list published by the bank contains the total number of Bureau de Change operators licenced to buy and sell dollars and other foreign currencies in Nigeria.
Source: Getty Images
CBN withdraws the licenses of 2,698 BDC operators
Punch reports that the list contains about 2,991 operators across the country.
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In the document titled 'Approved BDCs,' it was observed that the apex bank had withdrawn the licenses of 2,698 BDC operators.
According to the list published by the apex bank, the total number of approved BDC operators reduced to 2,991.
CBN, in 2022, published a similar document titled, 'List of CBN licenced Bureaux De Change as of December 31, 2021,' where it had approved 5,689 dealers.
According to reports, BDC operators increased from 74 in 2005 to 5,689 in 2021.
The number of operators grew by more than 100% under the suspended Governor of CBN, Godwin Emefiele, who prohibited the sale of foreign exchange to BDCs on accusations of round-tripping and involvement in financial flows.
But under the current administration, CBN, in a document titled 'Policy Advisory' Council report: National Economy sub-committee, advised the implementation of critical reforms like raising the capitalization for BDC operators in Nigeria.
The council also suggested that CBN allow the Nigerian banks to operate as the primary sources and dealers to supply foreign exchange to the market.
BDC operators ask CBN to include them in the I&E window
The development comes as BDC operators advocate for increased participation in the foreign exchange market to ensure the CBN's success with the recent forex policy.
BDC operators expressed dissatisfaction with the apex bank's decision to abolish segments of the official forex market in preference for the I&E window where the willing buyer and seller model operate.
Nairametrics reports that the BDC operators asked the CBN to partner with them due to their crucial role in addressing the retail part of the forex market and ensuring exchange stability in the country.
Per the President of the Association of Bureau de Change Operators in Nigeria (ABCON) Aminu Gbadebe, the forex market will remain uncertain because the operators are not part of the I&E window.
CBN releases names of International Money Transfer Operators, announces naira as payout option for remittances
Legit.ng reported that the Central Bank of Nigeria has released the names of International Money Transfer agents in Nigeria for seamless remittances into the country.
The new list contains about 62 names and has been updated with 47 new names.
CBN released the list in a press release on Wednesday, July 12, 2023.
Source: Legit.ng
