Market News
Nigeria’s central bank licenses 82 exchange bureaus under new forex rules - REUTERS
BY Camillus Eboh
Dec 9 – Nigeria’s central bank has granted final licenses to 82 exchange bureaus (BDCs) under revised guidelines, effective Nov. 27, following a sweeping crackdown last year that saw 4,173 licences revoked for regulatory breaches.
The central bank last year outlawed street-trading of foreign exchange and raised minimum capital levels for exchange bureaus to at least 2 billion naira ($1.38 million) under new guidelines aimed at tightening oversight and curbing illicit forex practices after years of market distortions and dollar shortages.
The bank said only operators listed on its website are authorized to trade foreign exchange and warned the public against unlicensed dealers, adding that BDCs operating without a licence is a violation.
