ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, September 15, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    U20 World Cup: Flying Eagles Head For 12-day Camping In Chile

    2026 WC Qualifiers: NFF To Decide Chelle’s Future, Says NSC Chair Dikko

    2026 WC Qualifier: Panic In South Africa As FIFA Sanctions Equatorial Guinea Over Ineligible Player

    Alfred Pulls Out Of Tokyo 200m With Hamstring Strain

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    U20 World Cup: Flying Eagles Head For 12-day Camping In Chile

    2026 WC Qualifiers: NFF To Decide Chelle’s Future, Says NSC Chair Dikko

    2026 WC Qualifier: Panic In South Africa As FIFA Sanctions Equatorial Guinea Over Ineligible Player

    Alfred Pulls Out Of Tokyo 200m With Hamstring Strain

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN Revokes Licence Of 2,698 BDCs

by Mark Itsibor
2 years ago
in Business
CBN
Share on WhatsAppShare on FacebookShare on XTelegram

Central Bank of Nigeria (CBN) has slashed list of Bureau de Change dealers to 2,991 in effort to curb illicit financial activities and boost exchange rate stability

Advertisement

The new action by the central bank brings the total to 2,991. The apex bank published a list of approved BDCs, revoking the licences of 2,698 operators.

The BDCs have been instrumental in determining the exchange rate in Nigeria, with their numbers soaring from 74 in 2005 to 5,689 in 2021.

However, suspended CBN governor Godwin Emefiele expressed concerns over round tripping and illicit financial activities, leading to the prohibition of foreign exchange sales to BDCs.

In response to the currency depreciation since the floating of the naira in June, recommendations have been made during Tinubu’s administration to implement key reforms.

Related News

Green Energy’s $400m Indigenous Terminal Ends 50-year Reliance On Foreign-built Export Infrastructure

6 hours ago

Dangote Urges Prioritisation Of Food Security In Africa

6 hours ago

The reforms include raising the capitalization requirements for BDC operators and allowing Nigerian banks to act as primary dealers in the forex market.

As of the latest update, the exchange rate at the Investors’ and Exporters’ FX Window reached N795.28 per dollar, while the naira closed at N820 per dollar at the parallel market, N1,095 per British pound, and N905 per Euro.

The Central Bank of Nigeria has reduced the number of Bureau de Change dealers to 2,991.

The CBN yesterday published a list of approved in a document entitled: ‘Approved BDCs’. The document revealed that the licences of 2,698 BDCs have been revoked.

A similar list was published by the apex bank last year, 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.

Under Tinubu’s administration, recommendations were made to implement key reforms such as increasing the capitalisation requirements for BDC operators and allowing Nigerian banks to act as primary dealers in the forex market.

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 N820 per dollar, N1,095 per British pound, and N905 per Euro.

 

Join Our WhatsApp Channel

Tags: BDCCBN
SendShare10314Tweet6446Share

Other News Updates

Business

Green Energy’s $400m Indigenous Terminal Ends 50-year Reliance On Foreign-built Export Infrastructure

2025/09/15
Business

Dangote Urges Prioritisation Of Food Security In Africa

2025/09/15
Business

Illegal Mining: Alake Hails Ansaru Leader’s Conviction

2025/09/15
Business

NCAA Launches Campaign Against Unruly Passengers At Airports

2025/09/15
Business

UBA Pledges $150m for Kenyan Roads, Commits to Africa’s Growth

2025/09/15
Business

Soil Values Project Trains 50 Extension Agents, Farmers In Bauchi

2025/09/15
Leadership Conference advertisement

LATEST

Court Declines Hearing Of Kanu’s Motion Seeking Transfer From DSS To Hospital

U20 World Cup: Flying Eagles Head For 12-day Camping In Chile

Nathaniel Clinches Victory In Tokyo, Advances Men’s 400m Hurdles Semifinals

Bandits Kill Village Head In Plateau

Alaafin Has Not Appointed Chief Imam For Oyo — Palace

2026 WC Qualifiers: NFF To Decide Chelle’s Future, Says NSC Chair Dikko

‘Half Of Sub-Saharan African Children Still In Extreme Poverty’, Say World Bank, UNICEF

China Launches Antitrust Probe Into Nvidia

JUST-IN: FCT Resident Doctors Declare Indefinite Strike

2026 WC Qualifier: Panic In South Africa As FIFA Sanctions Equatorial Guinea Over Ineligible Player

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.