The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 Bureaux De Change operators.

CBN said the BDC operators affected failed to observe regulatory provisions. This was made known in a statement on Thursday by the apex bank’s Acting Director, Corporate Communications, Sidi Ali Hakama.

Jerrymusa.com reports that the top bank announced that it had revoked their operating licences due to their inability to comply with CBN guidelines, directives, and circulars, specifically those pertaining to anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF), as well as their failure to pay all required fees, including licence renewal, within the allotted time frame as per the guidelines, render returns in accordance with the guidelines, and comply with the

CBN Publishes The List Of Affected BDC Operators

The actions, according to CBN, are an exercise of the authority granted to it by Act No. 5, the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).

The list of impacted BDC operators can be found on the apex bank’s website.

The CBN went on to state that it is updating the regulatory and supervisory rules for Bureau de Change activities in Nigeria and that all parties involved in the industry will need to comply with the new standards.

Leave a Reply

Your email address will not be published. Required fields are marked *