CBN to come up with full list of BDCs

The Central Bank of Nigeria (CBN) on Wednesday said it would come up with the full list of licensed Bureau De Change (BDCs) operating in the country, later today.

Isa Abdulmumin, CBNs director of corporate communications, disclosed this to BusinessDay on Wednesday via a phone call.

He noted that the reports making rounds about the revocation of operating licenses of 2,698 BDCs are not true.

Some reports said the CBN has withdrawn the license of 2,698 BDCs as it published a list of approved operators which saw a reduction in the total number of approved BDC to 2,991.

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At its last publication of the list of approved BDCs, on December 31, 2021, the number of operators stood at 5,689.

Responding to the development, Aminu Gwadabe, National President of Association of Bureau De Change Operators of Nigeria (ABCON), said, “it is fake news at the moment”.

However, he said the CBN is updating their BDCs register based on compliance criteria in obligations of BDCs return renditions and annual fees payments.

“I, therefore, advise my members to comply and avoid unnecessary sanctions and exclusion of their licenses,” he said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.