CBN recognizes over 3000 BDCs in fresh move to stabilize forex

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Godwin Emefiele CBN Governor

The Central Bank of Nigeria (CBN) has published a fresh list of 3,147 Bureaux de change (BDCs) in its bid to harmonize the disparity in the parallel market prices of foreign exchange.

The move became necessary after foreign currencies transaction at the BDCs segment of the forex market became stifled since the clampdown on the operators by security agencies.

Investigation in Lagos revealed that activities of most of the operators since the clampdown were conducted in secret because most of the operators did not want to sell the foreign currencies at the price fixed by the CBN.

Operatives of the Department of State Service (DSS) and Economic and Financial Crimes Commission (EFCC) have raided the BDCs in Lagos, Abuja and Kano in the last two months for selling the currencies above stipulated rates.

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