CBN withdraws operational licenses of 4,173 BDCs

The Central Bank of Nigeria (CBN) has withdrawn the operational licenses of 4,173 bureau de change operators.

Acting Director, Corporate Communications of the apex bank, Mrs. Hakama Sidi-Ali, in a statement in Abuja yesterday, said the step is in line with the powers conferred on it 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).
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The bank has therefore revoked the licenses of 4,173 Bureaux De Change operators.

The CBN revealed that the list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).

According to the apex bank, the affected institutions failed to observe at least one of the following regulatory provisions: payment of all necessary fees, including licence 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 revealed it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It declared that compliance with the new requirements would be mandatory for all stakeholders in the sector when the revised guidelines become effective.
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