CBN: Over 900 BDC operators getting foreign exchange in North West

The Central Bank of Nigeria (CBN) has said no fewer than 935 eligible Bureau De Change (BDC) operators within the North West have been getting foreign exchange.

The Branch Controller, CBN Kano branch, Umar Ibrahim Biu, made this known while delivering a keynote address during the Kano Bankers Committee Dinner and Award night held in Kano.

He said, “During the previous year, Banking Services continued to dedicate itself to excellent service delivery, improved customer satisfaction and providing 21st Century banking solutions riding on the back of current technology.

“Following the approval by the Bank for the commencement of the sale of foreign exchange to eligible Bureau de Change operators in some selected states, Kano Branch, which is among the states selected has sold foreign exchange to total of 935 Bureau de Change operators within the Northwestern region of the country. This has assisted greatly in stabilizing the value of the Naira against the US Dollar.”

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He added that during the previous year, Deposit Money Banks (DMBs) deposited a total of 91,983 boxes amounting to N465,866,650,000 billion and withdrew a total of 64,895 boxes worth N314,933,000,000 billion at both CBN Kano Branch and the Bankers’ Warehouse.

“This shows an increase of N33,826,977,000 billion in total cash deposited and N134,144,450,000 billion in total cash withdrawn when compared with the previous year’s transaction levels of N432,039,673,000 and N180,788,550,000 respectively.

“In 2022 currency notes valued at N102.490 billion were processed. As a result, a total of N36,319,900 was discovered as shortages against DMBS while N367,605 was discovered as surplus and N1,671,000 was recorded as fake notes.”