CBN Revokes Operational Licenses Of 4,173 BDCs

The Central Bank of Nigeria, on Friday,  revoked the licenses of 4,173 Bureaux De Change Operators.

This was made known in a statement released yesterday, by the CBN Ag. Director, Corporate Communications, Sidi Ali, Hakama.

The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).

According to the CBN, the affected institutions failed to observe at least one of its regulatory provisions.

The statement partly reads: “The Central Bank of Nigeria, in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015, has revoked the licences of 4,173 Bureaux De Change Operators.

“The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).”

“The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

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“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing 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.”