The Central Bank of Nigeria (CBN) has recently updated the number of Bureau De Changes (BDCs) operating in the country, confirming 5,687 operating licences.
The CBN website has a list of BDCs in a publication titled, ‘Approved BDCs’, seen on the CBN website.
From less than 100 operators in 2006, the sector has increased to over 5,600 BDCs as of today, fueled by the country’s rising demand for foreign exchange.
While the total number of BDCs has grown considerably, their geographical distribution remains uneven. Analysis reveals that Lagos State accounts for over half (52%) of all BDCs in the country, followed by the Federal Capital Territory (Abuja) with 21% and Kano State with 17%.
However, along with this growth comes a peculiar trend – a growing number of BDCs sporting unconventional names like “CCTV BDC LTD,” “Chelsea BDC LTD,” and even “Rice and Beans BDC LTD.”
The following are the top unusual names approved by CBN in Nigeria’s booming Bureau de Change market.
They include; CCTV BDC LTD, Chelsea BDC LTD, Couple BDC LTD, Cream BDC LTD, Cruising BDC LTD, Day-by-day BDC LTD, Deadlist BDC LTD, Decorum BDC LTD, Deep Freezer BDC LTD, Divine Focus BDC LTD, Ephesians-three-twenty BDC LTD, Four to five BDC LTD, Fourteen February BDC LTD and Fullmoon BDC LTD
Others are Go-well BDC LTD, Gucci BDC LTD, Happy Ends LTD, His Grace BDC LTD, Home Alone BDC LTD, Honeymoon BDC LTD, Hourglass BDC LTD, In-to-in BDC LTD, JJC BDC LTD, Looking and Seeing BDC LTD, Lovers BDC LTD, Pros and Cons BDC LTD
Names like Rice and Beans BDC LTD, Select and Pay BDC LTD, Set up BDC LTD, SIX Six Six BDC LTD, Slow Down BDC LTD, You and Me BDC LTD, Young Free & Single BDC LTD, Zero to Ten BDC LTD, 10-20 Times BDC LTD are also not left out.
This comic-like names has sparked curiosity and amusement, with many wondering about the motivations behind the choice of names for a corporate entity.
Some speculate that they were coined from a marketing strategy to stand out in a crowded market, while others believe it reflects the diverse personalities of the BDC owners.
