4,173 BDCs have their licenses revoked by CBN for violating currency restrictions

The CBN stated that the action was in line with its attempts to rebuild trust in the country's foreign exchange market.Due to a violation of foreign exchange laws, 4,173 Bureau De Change (BDC) Operators had their licenses revoked by the Central Bank of Nigeria (CBN).On the evening of Friday, March 1, 2024, the apex bank announced the news through a statement released by Sidi Ali Hakama, its Acting Director of Corporate Communications. The bank emphasized that it is updating the regulatory and supervisory requirements for Bureau de Change activities in Nigeria, even though it noted that the list of the impacted BDC firms is accessible on its website.It further stated that all parties involved in the industry will need to comply with the new specifications.