Economy
CBN revokes licenses of 4,173 BDC operators in Nigeria
The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau De Change (BDC) Operators.
The bank’s Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, in a statement on Friday, March 1, 2024 stated that the affected BDCs failed to observe regulatory provisions.
CBN said: “The affected institutions failed to observe at least one of the following regulatory provisions: a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines. b. Rendition of returns in line with the Guidelines. c. Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) 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.”
The apex bank stated that the action was in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the
The list of affected BDC operators is attached:
LIST OF REVOKED BDC LICENSES_MARCH 1_ 2024
The apex bank has recently embarked on sustained efforts to stabilise the foreign exchange market which has impacted negatively on the nation’s economy.
The apex bank along with the nation’s security agencies have launched counter-efforts to apprehend those considered as manipulating the forex market.
Of recent, several BDC operators have been arrested and jailed. The Economic and Financial Crimes Commission (EFCC) has put several BDC operators on trial for fraud or operating without valid licences.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means that…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.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
What’s the dollar to naira black market today 3rd April 2025?
The local currency (abokiFx) opened at ₦1,560.00 per $1 at the parallel market, otherwise known as the black market, today, Thursday, 3 April 2025, in Lagos, Nigeria, after it closed at ₦1,550.00 per $1 on Wednesday, 2 April 2025.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,545
Selling Rate of $1 ₦1,555
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.
What is the official exchange rate for dollar to naira today? Here is the dollar to naira CBN rate today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,530
Selling Rate of $1 ₦1,531
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.
Naira appreciated against the dollar on Wednesday at the official foreign exchange market after the Eid-el-Fitr holidays.
The Central Bank of Nigeria’s data showed that the naira strengthened to N1,531.25 per dollar on Wednesday from N1,536.82 recorded last Friday.
This means that the naira gained N5.57 per dollar on a day-to-day basis.
Meanwhile, on the black market, the naira depreciated to N1,555 per dollar on Wednesday from N1,550 traded on Friday before the Eid-el-Fitr holidays.
Meanwhile, recall that over the weekend, the Central Bank of Nigeria announced that the Net Foreign Exchange Reserve, NFER, stood at $23.11 billion, the highest level in over three years.
The Central Bank of Nigeria (CBN) has dismissed claims that it has introduced new N5,000 and N10,000 notes, labeling the reports as false.
In a statement posted on X on Wednesday, the apex bank debunked the rumors, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
The clarification comes amid widespread misinformation suggesting that the CBN planned to roll out high-denomination banknotes to reduce cash-handling costs and improve liquidity management.
Some versions of the false reports even attributed comments to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the notes would be introduced on May 1, 2025.
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SEE Black Market Dollar To Naira Exchange Rate Today 3rd April 2025
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