The Central Bank of Nigeria (CBN) has revoked over 4,000 licences of Bureau De Change (BDC) operators in the country.
This is coming following the apex bank’s intensified fight to save the Naira.
In a statement issued by its Director of Corporate Communications, Sidi Ali Hakama, a total of 4,173 BDCs were affected.
“The Central Bank of Nigeria (CBN), 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), has revoked the licenses 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:
“a. 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. 2. 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 added that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.
Stakeholders in the sector are expected to follow the new requirements when the revised guidelines become effective.
“Members of the public are hereby advised to take note and be guided accordingly,” the apex bank added.
Earlier, the CBN raised the licence of tier 1 BDCs to N2 billion, among other measures to clean up the financial sector.