Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN revokes 236 Bureau de Change operators licences

17 January 2013, 07:34

Lagos - 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 its 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.

NAN recalls 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.

NAN also recalls that 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.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...