… stops 19 banks from FX sales to BDCs
The Central Bank of Nigeria (CBN) said yesterday that it has suspended the operating licences of 195 Bureau De Change Operators (BDCs) for not rendering returns and not being able to renew their licence.
The framework for the operation of BDC requires that each BDC submit returns of its activities to the CBN.
Isaac Okorafor, spokesman of the CBN confirmed to BusinessDay that the affected BDCs failed to comply with the guideline, leading to revocation of their operating licence.
BusinessDay gathered that the Apex bank has stopped about 19 banks from selling the proceeds from International Money Transfer Operators (IMTOs) to BDCs.
The CBN had in July directed banks and authorized dealers who are agents of approved international money transfers operators to sell foreign currency accruing from inward money remittances to licensed BDCs.
Further investigation show that banks did not comply with the directive except First Bank of Nigeria limited which sells to about 500 BDCs.
