The Central Bank of Nigeria (CBN) has reduced the number of approved Bureau de Change (BDC) dealers to 2,991 from over 5,689, according to the list of approved BDCs published on Wednesday.
The regulatory bank published a similar list in 2022, which approved 5,689 black market dealers.
This is coming on the heels of the exponential growth of BDCs operators; the number had grown from 74 in 2005 to 5,689 last year.
On 14th June, the CBN, under the directive of President Bola Ahmed Tinubu, introduced operational reforms to the country’s foreign exchange market, which led to the unification of the forex window.
