A Bureau De Change (BDC) is any establishment or office where money (foreign currency) is exchanged. As it is with every other form of financial institution, BDCs need to be approved and regulated by the Central Bank 🏦 of Nigeria in order to carry out financial transactions safely.
Why Should BDCs Be Regulated?
In order to gain trust of the government and the public. A regulated institution is guarded by rules and regulations so as to function effectively. The safety of funds is guaranteed with a regulated BDC or any financial institution. When it comes to financial regulations in Nigeria, the only trusted regulatory body is the CBN. The Central Bank of Nigeria regulates the BDCs via license issuance.
Why Should You Deal With A Regulated And Approved BDC?
* For the safety of transactions: You wouldn't want to deal with a BDC that will end up selling fake currencies to you or disappearing with your funds.
* For fair pricing: If you deal with an unapproved BDC, you may be overpriced with an inflated exchange rate. Look here for BDC Rates. Unapproved Bureau De Change can be manipulative with their pricing. Take for instance, approved BDCs may sell Dollars to you at the rate of ₦490 to a Dollar while unapproved ones may sell at ₦510.
Approved and regulated BDCs have entered into an agreement with CBN on their their currency exchange rates and the apex bank monitor them for compliance regularly.
* You Can Report Any Irregularities: One of the benefits of dealing with a regulated BDC is that you can report any mistreatment to the CBN and sanctions may be served where necessary.
List Of Bureaux De Change (BDCs) Currently Approved By The Central Bank 🏦 of Nigeria With Their Physical Addresses
The list of BDCs currently licensed by the CBN as at June 2021 stands at 5,689 and they cut across most of the States in Nigeria. Here is the official list as released by CBN >> <Download Here>