CBN Revokes Licenses of 4,173 BDCs

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

The list of affected BDC operators was released on the bank’s website on Friday.

The apex bank in a statement by its spokeswoman, Sidi Hakama said the affected institutions failed to observe at least one of its regulatory provisions for licensed BDCs.

Among others things, Hakama said the companies failed to comply with the required payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

He also accused the BDCs of failure failed to render their returns in line with the guidelines, as well as refusal to comply with guidelines, directives and circulars of the CBN particularly bothering on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

Hakama said the bank acted 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 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,” she said in the statement.