The Central Bank of Nigeria (CBN) has recently revoked the licenses of 4,173 Bureau De Change (BDC) operators in the country.
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This action was taken in response to the ongoing foreign exchange crisis, as the BDCs were found to have failed to meet regulatory guidelines.
According to the Director of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, the revocation of these licenses is a positive step towards stabilizing the Naira.
The CPPE has also commended the CBN for its efforts to regulate the operations of BDCs in Nigeria, as this move will help to ensure compliance with regulatory guidelines and promote transparency in the foreign exchange market.
Overall, the CPPE views this development as a laudable move towards strengthening the Nigerian economy and improving the country’s financial standing in the global market.
He said, “Definitely, revoking the licences of non-operational BDCs is appropriate now. It is the right move because the previous number was difficult to manage and unwieldy.”
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