CBN Revokes Licenses of Over 4,000 Bureaux De Change Operators

The Central Bank of Nigeria (CBN) has taken the decision to revoke the licenses of 4,173 Bureaux De Change (BDC) Operators due to their failure to adhere to regulatory guidelines.

This action was disclosed in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, on Friday.

Sidi explained that the license withdrawal is in accordance with the powers granted to the apex bank under the Bank and Other Financial Institutions Act 2020, Act No. 5, as well as the Revised Operational Guidelines for Bureaux De Change 2015.

The statement emphasized, “The Central Bank of Nigeria, in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015, has revoked the licences of 4,173 Bureaux De Change Operators.”

ADVERTISEMENT

Related News: After Three Years, CBN Resumes Forex Sale to BDC Operators

It was noted that the list of affected BDC operators is available on the Bank’s website.

The affected institutions were found to have violated at least one of the regulatory provisions, including the payment of all necessary fees, such as license renewal, within the stipulated period, as outlined in the guidelines.

Additionally, they failed to render returns in accordance with the guidelines and comply with CBN directives, particularly those concerning Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing regulations.

The statement also mentioned that the CBN is in the process of revising the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria.

Compliance with these new requirements will be mandatory for all stakeholders in the sector once the revised guidelines come into effect.

Members of the public were advised to take note of this development and adhere to the guidelines accordingly.