CBN Clears 82 BDCs Under New Regulatory Regime in Nigeria

The Central Bank of Nigeria (CBN) has granted operating licenses to 82 Bureaux de Change (BDCs) under a new regulatory regime to clean up the retail foreign exchange market. The CBN's approval, effective from November 27, is part of efforts to tighten supervision and ensure compliance in the BDC space.

The CBN warns against transacting with unlicensed operators and emphasizes the consequences of operating without a valid license. The move follows a significant reduction in the number of BDC operators nationwide, with only 1,517 firms in good standing out of the peak 5,690 operators.