Banking

CBN revokes licenses Of 4,173 BDC operators

The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change (BDC) operators.

A statement signed by Sidi Ali Hakama (Mrs.), Ag. Director, Corporate Communications, notes that the list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).

The CBN stated that this action is in 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 Bureaux De Change 2015 (the Guidelines).

“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 statement read in part.

The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. It emphasised that compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

Members of the public are hereby advised to take note and be guided accordingly, the bank stated.

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