CBN revokes licenses of 4,173 Bureaux De Change

The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators, alleging that these institutions failed to adhere to regulatory provisions. This information was conveyed in a statement on Friday by the bank’s Acting Director, Corporate Communications, Sidi Ali Hakama.

The apex bank clarified that this action is part of a broader initiative to rebuild confidence in the nation’s foreign exchange market. The list of affected BDC operators is available on the CBN’s website. Additionally, the CBN is in the process of revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with these new requirements will be obligatory for all stakeholders in the sector.

The CBN justified its move as an exercise of the powers granted to 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). This exercise of power encompasses various criteria such as the timely payment of all necessary fees, including license renewal, adherence to stipulated periods as per the Guidelines, submission of returns in accordance with the Guidelines, and compliance with the directives and circulars of the CBN. This compliance extends specifically to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.