By Osita Chinedu
The Central Bank of Nigeria (CBN) has revoked the operational licenses of about 4,173 Bureau De Change (BDC) operators in Nigeria.
This was contained in a press release signed by Ag. Director, Corporate Communications, Sidi Ali, Hakama (Mrs.) and made available on it ‘X’ (Twitter) handle on Monday, 01 March 2024.
According to Hakama, “The affected institutions failed to observe at least one of the following regulatory provisions:
- Payment of all necessary fees, including license renewal, within the stipulated period in line with the Guidelines.
- Rendition of returns in line with the Guidelines.
- Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.”
This action was carried out by the apex bank in exercise of the powers conferred on her under the Bank and other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).
“The list of the affected BDC operators is available on the Central Bank of Nigeria’s (CBN) website (www.cbn.gov.ng). The CBN is revising the regulatory and supervisory guidelines for Bureau De Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective,” she read.
