The Central Bank of Nigeria (CBN) has approved 82 Bureau De Change (BDC) operators to operate fully across the country. The approval is part of the apex bank’s efforts to bring order, transparency, and stability to Nigeria’s foreign exchange market. Only operators that met strict regulatory requirements were granted full licences.
According to the CBN, the newly licensed BDCs are expected to comply with all rules guiding foreign exchange transactions. This includes proper documentation, regular reporting, and strict adherence to anti-money laundering policies. The move is aimed at reducing illegal forex trading and protecting the value of the naira.
Market watchers believe the approval of these BDC operators could help improve access to foreign currency for legitimate users. It may also reduce pressure on the parallel market by ensuring that authorised dealers meet public demand in a regulated manner. Analysts say confidence in the forex market could grow if compliance is properly enforced.
The CBN has warned that it will not hesitate to withdraw licences from any operator found violating regulations. Nigerians are also advised to patronise only approved BDCs to avoid fraud and illegal transactions. The apex bank says further reforms will continue to strengthen the country’s financial system.
