The Central Bank of Nigeria (CBN) has ruled out the list of approved Bureaux de Change (BDC) operators after a new directive asking BDCs to apply again for operational licenses.

The list of approved currency dealers which is usually displayed on the website of the apex bank to mark their authenticity has been removed.

The comes after the bank clarified the tier-based classification of BDCs, stating that the new rule followed an earlier circular for public input this year, which it has now incorporated and posted on its site on Wednesday, May 22, 2024.

The bank’s acting director of the corporate communications department, Hakama Sidi Ali, explained this while interacting with Journalists in Abuja on Thursday, May 23, 2024.

According to her, the new guidelines include two licensing tiers.

Sidi Ali also repeated CBN’s invitation to interested parties to apply for BDC licenses effective June 3, 2024, while existing operators have six months to renew their licenses after meeting the guidelines.