CBN revokes licences of 236 Bureaux de Change

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The Central Bank of Nigeria on Wednesday withdrew the licences of 236 Bureau de Change operators. The bank, in a circular made available to our correspondent, said the withdrawal of the licences took effect from Monday, January 14, 2013. The circular read in part, “This is to inform all authorised dealers and buyers (BDC operators) and the general public that the operating licences of the Bureau de Change companies stated below are hereby revoked, with effect from January 14, 2013.

CBN may revoke licences of more MFBs

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Indications have emerged that the Central Bank of Nigeria may revoke the operating licences of some microfinance banks in the country early next year, ADEMOLA ALAWIYE reports. With the financial sector smarting from the 2010 withdrawal of operating licences of 103 microfinance banks, indications have again emerged that more MFBs may soon lose their licences as a result of another impending cleaning exercise by the Central Bank of Nigeria.