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 CBN disclosed that list of affected BDC operators is available on the apex bank’s website
On the reasons for revoking the licenses, the apex bank’s Acting Director, Communications Department, Mrs. Hakama Sidi Ali, stated that the affected institutions failed to observe regulatory provisions, including failure to pay all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.
Other infractions levelled against the BDCs by the CBN include failure to render returns in line with the guidelines, non-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.
According to the statement, the CBN is revising the regulatory and supervisory guidelines for BDC operations nationwide and compliance with the new requirements will be mandatory for all stakeholders in the sector when they become effective.
The apex bank advised members of the public to take note of the regulatory measures and be guided by them in any form of FX transactions.
