Business News

CBN Revokes Licences of All BDC Operators, Introduces New Requirements

BDC Operators

By Aduragbemi Omiyale The operational licences of all the Bureaux De Change (BDC) operators in the country have been revoked by the Central Bank of Nigeria (CBN). Foreign exchange (FX) traders in the parallel market have now been asked to reapply for a new licence if they intend to continue with the business of exchanging currencies for FX users. In a circular issued on Wednesday, the central bank explained that it took the action to cancel the licences of the BDC operators as part of reforms to reposition the sub-sector and in the exercise of its powers as contained in