The Federal Government has called on the Central Bank of Nigeria (CBN) to reduce the number of Bureau de Change (BDC) operating in the country from over 5,000 to about 200.
Tope Fasua, the Special Adviser to President Tinubu on Economic Affairs, during an economic policy event organized by the Abuja Chamber of Commerce and Industry.
According to Fasua, the high number of BDCs in operation makes it difficult for the CBN to supervise them, which eventually leads to irregularities in the forex market.
“We need to do some structural reforms. For example, I believe we should reform the BDCs’ sector, and make them stronger.
"You can’t manage over 5,000 BDCs selling money on the streets, it is not normal. You have to define the illegal market and by then, we will be able to find stability.
"We cannot manage 5,000 BDCs, maybe we should be looking at 100 or 200. In the United Kingdom as a tourism destination, they have 145 BDCs the last time I checked. In the UAE they have 130.
"So what are we doing with 5,000 BDCs? You will never be able to supervise them. How many staff would you need to look at their returns and check them?"
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