The List Is Not Correct – BDC Operators Reject CBN ‘Revocation’ Of Members’ Licences

The Association of Bureau De Change Operators of Nigeria (ABCON) has rejected the purported review carried out by the Central Bank of Nigeria (CBN) on the number of Bureau De Change Operators in the country.

The ABCON president, Aminu Gwadabe in a chat with newsmen in Lagos on Tuesday said the list is not correct and is yet to be confirmed.

It would be recalled that the apex bank on July 20, 2023, reportedly reduced the number of BDC dealers from 5,689 previously approved in 2022 to 2,991. This means a total of 2,698 BDCs had their licenses revoked.

However Gwadabe on Tuesday said the CBN move is not verified and for now, the status quo remains in place.

“That list was not correct and still not confirmed,” Gwadabe submitted.

“The CBN has yet to come out with their comprehensive list. Yes, CBN is reviewing the BDC register with a view to reducing the number but as of now, there is no official list that proscribes or says these are the licensed or unlicensed.

“So the status quo remains the same,” he added.

Gwadabe stated further that the association had engaged with the CBN and had been advised to sensitize its members to know the conditions guiding their operations and their obligations which were to render returns to CBN.