CBN Revokes 236 BCD Operators’ Licences

The Central Bank of Nigeria (CBN) has
revoked the operating licences of 236 Bureau de Change (BDCs) operators for
their inability to meet the required capital for foreign exchange transactions.

The CBN said this in a circular with reference number
“TED/FEM/FPC/GEN/01/041” on Wednesday and signed by the apex bank’s Director of
Trade and Exchange Department, Mr Batari Musa.

In the
circular entitled “Revocation of Operating Licence of 236 BDCs, All Authorised
Dealers, BDC Operators and the General Public”, the CBN said that the
revocation took effect from January 14.

The apex bank
warned the public to desist from having foreign exchange transactions with the
proscribed BDCs.

We recall
that on November 3, 2010, the CBN announced the withdrawal of the licences of
all existing Class A BDCs with effect from November 8, 2010.

It said that
the withdrawal of the licences was part of the measure to stem some gross
abuses in the forex market.

The CBN had also said that the move was in line with its
avowed commitment to eradicate money laundering.

The CBN had pegged the maximum amount of foreign exchange
cash purchase of BDCs per week to $50,000 with effect from July 9, 2012.