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The development was contained in a recent document titled Approved BDCs licenses for 2,698 BDCs have been withdrawn by the CBN.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