CBN Revokes Licenses of 4,173 BDC's

CBN Revocates 4,173 BDCs' Operational Licenses

4,173 Bureaux De Change Operators had their licenses revoked by the Central Bank of Nigeria (CBN), which blamed the affected organizations for not adhering to regulations.

Sidi Ali Hakama, the bank's acting director of corporate communications, made this revelation in a statement on Friday.

The action is a component of attempts to rebuild trust in the country's foreign exchange market, according to the apex bank.

Read: CBN Allocates $20,000 To Each BDC To Stabilize The Naira

The CBN stated that it is updating the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, noting that the list of impacted BDC operators is available on its website. It further stated that all parties involved in the sector must comply with the new requirements.

See Memo