CBN bites harder, revokes licenses of 4,173 Bureau De Change Operators

The Central Bank of Nigeria (CBN) has taken the decisive step of revoking the licenses of 4,173 Bureau De Change (BDC) Operators due to their failure to adhere to the regulatory provisions set forth by the Apex bank.

The CBN outlined the reasons for the revocation, which include the failure of the affected institutions to fulfill obligations such as payment of all necessary fees, including license renewal within the stipulated period as per the Guidelines. Additionally, non-compliance with rendering returns in line with the Guidelines, and adherence to directives and circulars of the CBN, especially those concerning Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations were cited.

This development was disclosed in a statement by Sidi Ali, Hakama, the Acting Director of Corporate Communications at the CBN.

The CBN emphasized that this action was taken in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureau De Change 2015 (the Guidelines).

The list of the affected BDC operators is reportedly available on the Bank’s official website.

The CBN announced its plans to revise the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. The bank stressed that compliance with these new requirements will be mandatory for all stakeholders within the sector.