BREAKING: CBN stops issuance of new licenses to BDCs

The Central Bank of Nigeria (CBN) has said it will henceforth stop the licensing of new Bureau De Change (BDC) operators across the country.

This might not be unconnected with the huge number of applications that the apex bank receives monthly and the reported illegal activities of some of the forex dealers.

This disclosure was made by the CBN Governor, Godwin Emefiele, while reading the communique after the 2-day Monetary Policy Committee (MPC) meeting on Tuesday, July 27, 2021.

Emefiele said that the CBN receives about 574 license applications from BDCs every month adding that there are currently 5,500 licensed BDC operators across the country.

Details later…