Economy
CBN gives major reason for revoking over 4,000 operational licenses of BDCs
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CBN has revealed the major reason why the apex bank revoked 4,173 Bureau De Change operators’ licences.
Naijablitznews.com reports that the Central Bank of Nigeria (CBN) on Friday revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines.
This online news platform understands that the apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama.
This means there will now be 1,517 operational BDCs from the initial 5,690.
In the CBN statement, Hakama said the licence withdrawal was in exercise of the powers conferred on the apex bank by the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015.
The statement read in part, “The Central Bank of Nigeria, in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015, has revoked the licences of 4,173 Bureaux De Change Operators.
“The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).”
It added that the affected institutions failed to observe at least one of the regulatory provisions.
According to the statement, the regulatory provisions include payment of all necessary fees, including licence renewal, within the stipulated period.
It added, “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.
“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.
“The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.
“Members of the public are hereby advised to take note and be guided accordingly.”
Recall that the CBN had recently introduced a draft guideline for BDC operations across the country.
Major provisions introduced in the guidelines include the introduction of N2bn minimum share capital for Tier-1 BDCs, limiting buying and selling of forex in cash by BDCs to $500, and $10,000-year limit for school fees, among others.
Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, applauded the move to regulate the operations of the BDCs.
He said, “Definitely, revoking the licences of non-operational BDCs is the appropriate thing to do now. It is the right move because the previous number was difficult to manage and unwieldy.”
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 10th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1390 and buy at ₦1380 on Thursday, 10th September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1390
Buying Rate ₦1380
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1322
Lowest Rate ₦1326.
The Naira yesterday appreciated to N1,387 per dollar from N1,390 in the parallel market on Monday.
Similarly, the naira appreciated to N1,322.9 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,322.9 per dollar from N1,320 per dollar on Monday, indicating N2.9 appreciation for the local currency.
Consequently, the margin between the parallel and official markets narrowed to N64.1 per dollar from N70 per dollar on Monday. The value of interbank turnover in NFEM declined by 48.07 percent to $55.6 million from $107.07 million on Monday.
The Central Bank of Nigeria (CBN) has announced that it will be paying closer attention to how banks and other financial institutions in the country are being used, or misused, to move money that could fund terrorism.
In a statement signed by Hakama Sidi-Ali, Acting Director of the apex bank’s Corporate Communications and Investor Relations Department on Tuesday, the CBN said it has made terrorism financing supervision one of its current priorities. According to the statement, this is part of the bank’s “ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.”
What this means in plain terms is that the CBN will be looking more closely at how banks identify and manage the risk of their platforms being used to fund terrorism, how well they monitor suspicious transactions linked to terrorism financing, how they carry out sanctions ordered against specific individuals or groups, and how promptly they report suspicious activity connected to terrorism financing.
The statement explained that this new push covers four broad areas: how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism.
The apex bank said it will not be sitting back and waiting for problems to surface on their own. Instead, it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.
This will involve both on-site inspections, where CBN officials visit institutions directly, and off-site checks, where the bank reviews reports and data from a distance.
The goal, the statement said, is to support “effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector,” referring to the fight against money laundering, terrorism financing, and the financing of weapons proliferation, all of which are governed by existing Nigerian laws and regulations.
The CBN also linked this move to Nigeria’s wider efforts, both at home and internationally, to fight terrorism financing and the financing of weapons proliferation, and to protect the integrity of the country’s financial system.
The apex Bank did not name any specific institution under investigation or give a timeline for these actions, but noted that “further supervisory engagement will be undertaken as appropriate,” suggesting that more steps could follow depending on what its checks turn up.
For the ordinary Nigerian, the announcement signals that the CBN wants banks to be more careful and more accountable in how they track the movement of money through the financial system, particularly where there is any possible link to terrorism or the funding of violent groups.
It is also a reminder that financial institutions operating in Nigeria are expected to follow strict rules designed to keep the banking system safe from being used for illegal purposes.
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See Black Market Dollar to Naira exchange rate today 10th September 2026
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