CBN Revokes Operational Licenses of 4,173 BDCs

CBN Revokes Operational Licenses of 4,173 BDCs

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

This, the apex bank said, 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, according to a statement by CBN spokesperson, Hakama Sidi -Ali, 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.

“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.

“Members of the public are hereby
advised to take note and be guided accordingly,” the statement read in part.

The CBN stated that the list of affected BDC operators is available on its website (www.cbn.gov.ng).

By PRNigeria

By PRNigeria