The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change (BDC) Operators due to their non-compliance with regulatory guidelines.
CBN’S action was officially communicated in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, on Friday.
The withdrawal of these licenses is in accordance with the powers vested in the apex bank by the Bank and Other Financial Institutions Act 2020 (Act No. 5) and the Revised Operational Guidelines for Bureaux De Change 2015.
The affected institutions were found to have failed to adhere to at least one of the regulatory provisions.
Specifically, the regulations include the timely payment of all necessary fees, including license renewal, within the stipulated period.
The CBN stressed that the measure is essential to maintain compliance with guidelines, directives, and circulars, particularly those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF).
Its statement read:
“The Central Bank of Nigeria, in 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.
“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.”
