CBN reduces number of Bureau de Change to 2,991

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Abuja, July 18, 2023 – The Central Bank of Nigeria (CBN) has reduced the number of Bureau de Change dealers in the country to 2,991.

The apex bank on Monday published a list of approved in document titled ‘Approved BDCs’.

The document showed that the licences of 2,698 BDCs have been revoked.

A similar list was published by the Central Bank in 2022, which approved 5,689 black market dealers. BDCs play a significant role in determining the exchange rate in Nigeria.

The number of operators has experienced substantial growth, increasing from 74 in 2005 to 5,689 in 2021.

Former CBN governor Godwin Emefiele, later prohibited the sale of foreign exchange to BDCs due to concerns of round tripping and involvement in illicit financial activities.

Since the floating of the naira by the CBN in June, the currency has depreciated, with the exchange rate reaching N795.28 at the Investors’ and Exporters’ FX window.

At the parallel market, the naira closed at N825 per dollar, N1,095 per British pound, and N905 per Euro.

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