FULL LIST: CBN Releases Names Of Approved Bureau De Change’ Operators In Nigeria

The Central Bank of Nigeria, CBN has released a list of approved Bureaux De Change (BDCs) operators across states in the country.

DAILY GIST reported earlier that the apex bank had revoked the operational licenses of 4,173 BDCs as efforts to stabilise the country’s forex market continues.

Providing reasons for the development, CBN said, the affected institutions failed to observe at least one of its regulatory provisions.

The apex bank, however said all eligible BDCs must adhere to strict guidelines regarding the sale of foreign exchange to end-users.

Currently, the number of BDCs stands at 5,690, according to data from the CBN.

It directed BDCs to sell to end-users with a margin not exceeding one per cent of the purchase rate from the CBN.

To facilitate the process, BDCs are required to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts.

Subsequently, they are to submit confirmation of payment along with other necessary documentation for disbursement at the designated CBN branches in Abuja, Awka, Lagos, and Kano.

Half of all the BDC operators in Nigeria are located in Lagos, highlighting the state’s dominance in the foreign exchange (FX) market.

This is followed by the federal capital territory (FCT), Abuja and Kano state

Below is the list of BDCs in Nigeria by state:

Lagos: 2,958

Abuja: 1,179

Kano: 981

Anambra: 259

Kaduna: 55

Abia: 50

Oyo: 32

Enugu: 25

Rivers: 24

Delta: 21

Sokoto: 18

Imo: 15

Edo: 14

Borno: 11

Bauchi: 7

Kwara: 7

Plateau: 6

Ebonyi: 4

Kebbi: 4

Niger: 3

Ogun: 3

Katsina: 3

Akwa Ibom: 2

Cross River: 2

Gombe: 2

Kogi: 2

Bayelsa: 1

Benue: 1

Nasarawa: 1

Below are some of the names of the approved BDC operators in Nigeria:

CCTV BDC LTD

Chelsea BDC LTD

Couple BDC LTD