by Emmanuel Okubenji

The Central Bank of Nigeria (CBN) has revoked the operating licences of 236 Bureau de Change (BDCs) operators for their inability to meet the required capital for foreign exchange transactions.

The CBN stated this in its circular with reference number “TED/FEM/FPC/GEN/01/041” on Wednesday and signed by the Director of Trade and Exchange Department, Batari Musa.

The CBN said that the revocation took effect from January 14; and warned the public to desist from having foreign exchange transactions with the proscribed BDCs.

On November 3, 2010, the CBN announced the withdrawal of the licences of all existing Class A BDCs with effect from November 8, 2010.

It said that the withdrawal of the licences was part of the measure to stem some gross abuses in the forex market.

The CBN had also said that the move was in line with its avowed commitment to eradicate money laundering. The

apex bank had pegged the maximum amount of foreign exchange cash purchase of BDCs per week to $50,000 with effect from July 9, 2012.