BDC – InfoStride News

CBN Rakes in N192m from 82 Bureau de Change Licensees

Temitope Nlewemchi — Sun, 21 Dec 2025 15:20:52 +0000

The Central Bank of Nigeria has generated N192 million from penalties imposed on 82 Bureau de Change operators over regulatory infractions, reinforcing the apex bank’s resolve to sanitise the foreign exchange market and enforce compliance within the sub-sector. The development reflects intensified supervisory actions by the CBN amid ongoing reforms aimed at restoring transparency, stability [...]

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Northern BDC Operators Raise Alarm Over CBN’s New N2bn Recapitalisation Directive

Temitope Nlewemchi — Fri, 11 Jul 2025 20:29:32 +0000

Bureau de Change (BDC) operators in Northern Nigeria have expressed deep concern over the Central Bank of Nigeria’s (CBN) recent directive mandating BDCs to raise their minimum share capital to N2 billion. The new policy, which was unveiled as part of the apex bank’s efforts to sanitise the foreign exchange market and curb speculation, has [...]

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BDCs Face Challenges Meeting N2bn Recapitalization Requirement Despite Extension

Temitope Nlewemchi — Mon, 13 Jan 2025 11:59:46 +0000

Bureau de Change (BDCs) operators in Nigeria continue to grapple with the challenge of meeting the N2 billion recapitalization requirement set by the Central Bank of Nigeria (CBN), despite the recent extension granted by the regulatory body. The recapitalization drive, aimed at strengthening the financial stability of BDCs and curbing illicit financial flows, has proved [...]

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Friction in Forex Market: BDCs Resist CBN’s Licensing Overhaul

Temitope Nlewemchi — Fri, 24 May 2024 21:54:16 +0000

The Central Bank of Nigeria (CBN) has directed all existing Bureau De Change (BDC) Operators to re-apply for new licenses under revised guidelines. This directive was issued in a circular on Wednesday signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department at the CBN. The new licensing guidelines aim to streamline [...]

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EFCC Nabs 200 BDC Operators in Forex Fraud Sweep

Temitope Nlewemchi — Fri, 24 May 2024 21:08:45 +0000

The Economic and Financial Crimes Commission (EFCC) has arrested more than 200 suspects across Nigeria in connection with foreign exchange scams and financial market manipulation. These arrests are part of a nationwide effort to curb illicit activities affecting the local currency, the naira. The suspects, predominantly Bureau De Change (BDC) operators, were apprehended in various [...]

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FX Crisis: Nigeria should explore other alternative currencies for imports — Expert

Temitope Nlewemchi — Mon, 08 Apr 2024 11:18:24 +0000

Financial expert and head of investment and research at Meristem Securities Limited, Praise Ihensekhien, has advised the federal government to adopt other currencies for import-related transactions to reduce Dollar dependence and preserve the stability of the Naira in the forex market. Ihensekhien shared this insight during the Economy Outlook webinar hosted by Nairametrics on Saturday. According to her, if [...]

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Central Bank of Nigeria Raises BDCs’ Share Capital to N2 Billion

Temitope Nlewemchi — Sat, 24 Feb 2024 12:58:58 +0000

In a recent development, the Central Bank of Nigeria (CBN) has announced an increase in the minimum share capital requirement for Bureau de Change (BDC) operators. The new directive mandates BDCs to raise their share capital to N2 billion, signaling a move by the CBN to strengthen the financial robustness of BDCs and promote stability [...]

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Automation Initiatives on the Horizon as BDC Operators in Forex Aim to Combat Street Trading and Related Challenges

Temitope Nlewemchi — Thu, 22 Feb 2024 22:10:51 +0000

In the ever-evolving landscape of the foreign exchange market, Bureau de Change (BDC) operators are strategically planning to implement automation measures. The objective is to address concerns related to street trading and other challenges that have emerged within the forex sector. This move underscores the industry’s commitment to adopting innovative solutions to enhance efficiency and [...]

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ABCON President Gwadabe Calls for Review of BDC Ownership Structure

Temitope Nlewemchi — Sun, 19 Nov 2023 23:31:05 +0000

President of the Association of Bureau De Change of Nigeria, Aminu Gwadabe, discusses the recent foreign exchange reforms by the Central Bank of Nigeria and various related issues in an interview with InfoStride News. Gwadabe begins by addressing the volatility of the naira, emphasizing its negative impact on economic growth. He stresses the importance of [...]

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Dollar pulls back on rising optimism

Temitope Nlewemchi — Mon, 02 Aug 2021 21:16:23 +0000

Data suggest increasing perception about naira The dollar pulled back at the parallel market at the weekend on the strength of rising market optimism and ease of panic over the stoppage of foreign exchange sale to the bureau de change (BDC) operators. The dollar traded between N505/$ and N515/$ in the Lagos market at the [...]

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In rare courage, CBN weakens BDC operations, stops FX funding

Temitope Nlewemchi — Wed, 28 Jul 2021 20:10:39 +0000

• Indicts operators for money laundering • We receive 5,000 fresh BDC applications monthly, says Emefiele • MPR, other monetary parameters retained • Decision a rumour until we see CBN circular, operators insist • Cordros Research: Discontinuation of FX to BDC will affect exchange rate • Nigeria to launch digital currency ‘e-naira’ in Oct [...]

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