Amidst regulatory changes, the Central Bank of Nigeria (CBN) has made a significant move by revoking the licenses of 4,173 Bureaux De Change (BDC) operators.
The licenses of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN), as per a statement signed by Sidi Ali Hakama (Mrs.), Ag. Director, Corporate Communications. The affected BDC operators’ list is accessible on the Bank’s website (www.cbn.gov.ng).
The CBN cited its authority 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) for this action.
According to the statement, the affected institutions failed to comply with key regulatory provisions, including payment of necessary fees, timely license renewal, submission of returns as per the Guidelines, and adherence to CBN directives, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
The statement read in part: “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.”
The CBN is in the process of revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, stressing that compliance with the new requirements will be mandatory for all sector stakeholders upon the effective date of the revised guidelines. The public is urged to take note and adhere to the advisory provided by the bank.
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