{"id":2814,"date":"2023-07-19T08:50:41","date_gmt":"2023-07-19T08:50:41","guid":{"rendered":"https:\/\/peoplesforumonline.com.ng\/about\/?p=2814"},"modified":"2023-07-19T08:50:41","modified_gmt":"2023-07-19T08:50:41","slug":"cbn-reduces-number-of-bureau-de-change-to-2991","status":"publish","type":"post","link":"https:\/\/peoplesforumonline.com.ng\/about\/2023\/07\/19\/cbn-reduces-number-of-bureau-de-change-to-2991\/","title":{"rendered":"CBN reduces number of Bureau de Change to 2,991"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has reduced the number of Bureau de Change dealers in the country to 2,991.<\/p>\n<p>The apex bank on Monday published a list of approved in a documents titled \u2018Approved BDCs\u2019.<\/p>\n<p>The document showed that the licences of 2,698 BDCs have been revoked.<\/p>\n<p>A similar list was published by the Central Bank in 2022, which approved 5,689 black market dealers. BDCs play a significant role in determining the exchange rate in Nigeria.<\/p>\n<p>The number of operators has experienced substantial growth, increasing from 74 in 2005 to 5,689 in 2021.<\/p>\n<p>Former CBN governor Godwin Emefiele, later prohibited the sale of foreign exchange to BDCs due to concerns of round tripping and involvement in illicit financial activities.<\/p>\n<p>Since the floating of the naira by the CBN in June, the currency has depreciated, with the exchange rate reaching N795.28 at the Investors\u2019 and Exporters\u2019 FX window.<\/p>\n<p>At the parallel market, the naira closed at N825 per dollar, N1,095 per British pound, and N905 per Euro.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has reduced the number of Bureau de Change dealers in the country to 2,991. The apex bank on Monday published a list of approved in a documents titled \u2018Approved BDCs\u2019. The document showed that the licences of 2,698 BDCs have been revoked. A similar list was published by the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/2814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=2814"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/2814\/revisions"}],"predecessor-version":[{"id":2815,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/2814\/revisions\/2815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/2326"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=2814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=2814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=2814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}