4,173 BDCs Loses Licenses As CBN wields Sledgehammers

The Central Bank of Nigeria (CBN) , has revoked the licenses of 4,173
Bureaux De Change operators over failure to meet operational provision.

A statement signed by the Acting Director, Corporate Communication Department of CBN, said the exercise of this power by the regulator was 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.

Sidi said that while 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.
b. Rendition of returns in line with
the Guidelines.
c. 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 further said it 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

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