By Abiola Olawale
The Central Bank of Nigeria (CBN), has announced its decision to revoke the licenses of 4,173 Bureaux De Change Operators.
The apex bank made this revelation in a statement issued by its Acting Director, Corporate Communications Sidi Ali, Hakama, saying that the affected institutions failed to observe regulatory provisions.
According to the statement, the BDCs Operators failed to fulfil payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and 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.
CBN said the 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 CBN further said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, adding that compliance with the new requirements will be mandatory for all stakeholders in the sector.
