The recent decision by the Central Bank of Nigeria to revoke the licenses of 4,173 Bureau De Change operators has been met with approval by the Centre for the Promotion of Private Enterprise (CPPE). According to CPPE Director Muda Yusuf, this move is a positive step towards addressing the foreign exchange crisis and regulating the operations of BDCs in the country.
In a statement, Yusuf emphasized the importance of streamlining the number of BDCs to ensure better management and oversight. He praised the CBN for taking action against non-compliant operators, stating that it is necessary to maintain the integrity of the financial system.
The revocation of licenses for non-operational BDCs is seen as a necessary measure to improve the efficiency and effectiveness of the foreign exchange market in Nigeria. CPPE believes that this move will help stabilize the Naira and promote transparency in the currency exchange sector.
Overall, the CPPE supports the CBN’s efforts to regulate the BDC industry and ensure compliance with regulatory guidelines. By revoking licenses and enforcing stricter regulations, the CBN aims to strengthen the financial system and protect the interests of both consumers and investors.
As the foreign exchange crisis continues to impact the Nigerian economy, the revocation of BDC licenses is seen as a crucial step towards restoring stability and confidence in the currency market. The CPPE remains optimistic about the future of the Naira and the overall economic outlook for Nigeria.
