CBN Licenses 82 BDCs, Warns Against Unlicensed Forex Transactions

The Central Bank of Nigeria (CBN) has officially licensed 82 Bureau de Change (BDC) operators under its revised regulatory framework. The CBN cautions Nigerians against transacting with unlicensed foreign exchange dealers and advises the public to verify the licensed BDCs on the CBN website.

The apex bank emphasizes the need for transparency and credibility in the foreign exchange market, with strict penalties for unlicensed operators. The licensing exercise is part of broader reforms to sanitize the market and ensure compliance with minimum capital requirements.