CBN issues licenses to 366 new BDC operators

The Central Bank of Nigeria has issued new operational licenses to 366 Bureau De Change (BDC) operators between January 2018 and May 31, 2018.

The development was contained in a new report by the apex bank on Monday titled, “Functions, operational guidelines and compliance for BDC operations in Nigeria.”

According to the report, the number of licensed BDC operators rose from 3,740 in December 31, 2017 to 4,106 in May 31, 2018, indicating an additional of 366 new operators.

“Total number of licensed BDCs as of 31st May, 2018 stood at 4,106. It was 3,740 as of 31st December, 2017, signifying an increase of 366,” the report read in part.

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According to the report, Lagos, Kano, Abuja and Anambra have the highest number of registered BDCs with 2,123, 806, 745 and 171, respectively, while 261 BDCs were registered in the remaining states.

The CBN expressed displeasure over the activities of some BDCs operating illegally in the market without license, saying it would continue to ensure effective supervision and apply sanctions on BDCs that contravened the laws.

“The CBN will continue to play its statutory and interventionist role to promote the orderly growth, development and sustainability of the sector, through effective supervision and robust enforcement of compliance with applicable extant laws and regulations.

“In line with its zero-tolerance policy, the CBN will continue to impose appropriate sanctions against regulatory breaches including the revocation of licences of errant BDCs,” the report stated.

 

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