Business

THE Central Bank of Nigeria (CBN)  has revoked the licenses of 4,173 Bureaux De Change Operators.

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

The revocation is in exercise of the powers conferred on CBN 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).

Hakama Sidi Ali, acting director, Corporate Communications, in a statement on Friday, March 1, said that the affected institutions failed to observe at least one of the following regulatory provisions: 

a. Payment of all necessary fees, including licence renewal, within the stipulated 

period in line with the Guidelines.

b. Rendition of returns in line with the Guidelines. 

c. 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. 

According to her, “The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

“Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.”

The CBN advised members of the public to take note of the revocation and be guided accordingly.

1st March , 2024.

C.E.

Tags: Bank and Other Financial Institutions Act (BOFIA) bureaux de change CBN Hakama Sidi Ali