The Central Bank of Nigeria (CBN) has released a new list of Bureau de Change (BDC) dealers, with the number of approved operators reduced to 2,991.
It was gathered that the CBN’s decision to withdraw the licenses of 2,698 BDCs comes as the naira continues to freefall.
The naira has fallen to N795.28 at the Investors’ and Exporters’ FX window and was even weaker when it closed at N809 per dollar last Friday.
It should be noted that since the CBN adopted a floating exchange rate system in June, the value of the naira has declined continues to underpin the slow economic growth of Nigeria.
The I&E window is laudable, it’s patriotic and nationalistic, but there is no policy that can actualise its mission without carrying the interest of the subsector (which is the BDCs).