Home Business CBN Revokes 2,698 BDC Licenses
Business

CBN Revokes 2,698 BDC Licenses

Share
Share

The Central Bank of Nigeria (CBN) has revoked the licenses of 2,698 Bureau de Change (BDC) dealers following the continuous fall of naira.

Daily Report Nigeria reports that the CBN reduced the number of approved dealers to 2,991.

The naira has fallen to N795.28 in the Investor and Exporter Forex (FX) window and was even weaker when it closed at N809 to the dollar on Friday.

The development was contained in a recent document titled Approved BDCs licenses for 2,698 BDCs have been withdrawn by the CBN.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

READ ALSO: Nigeria Has no Business Selling Oil in Dollars – Femi Falana

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, expressed concern over the exclusion of BDCs from the windows of investors and exporters, saying it has increased volatility in the foreign exchange market.

Gwadabe said:

The volatility of the naira continues to underpin the slow economic growth of Nigeria. The I&E window is laudable, it’s patriotic and nationalistic, but there is no policy that can actualise its mission without carrying the interest of the subsector (which is the BDCs).

“The I&E window is supposed to run on three legs, the banks, the CBN and the BDCs, overtly or covertly, the BDCs are missing.”

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
NNPCL to Hand Over Nigerian Refineries to Private Firms
Business

NNPCL Slashes Fuel Price to N895 per Litre Amidst Market Competition

NNPCL has reduced the pump price of premium motor spirit (PMS) to...

Business

Naira Currency Appreciates Against US Dollar Amid Policy Reforms

The Nigerian currency, Naira, has appreciated by ₦4.59 against the US dollar,...

Business

Mauritania’s Sidi Ould Tah Elected AfDB President, Pledges to Boost Africa’s Growth

Sidi Ould Tah from Mauritania has been elected as the ninth president...

Business

NLO Slaps Two-Year Ban, Heavy Fines on Four Clubs for Match-Fixing

NLO player ban: Upholding Integrity on the Pitch. How the Suspensions Reshape...

5win
RocketplayRocketplay casinoCasibom GirişJojobet GirişCasibom Giriş GüncelCasibom Giriş AdresiCandySpinzDafabet AppJeetwinRedbet SverigeViggoslotsCrazyBuzzer casinoCasibomJettbetKmsauto DownloadKmspico ActivatorSweet BonanzaCrazy TimeCrazy Time AppPlinko AppSugar rush