The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux de Change Operators.
According to the apex bank, the impacted institutions violated regulatory requirements.
According to the bank, these include paying all necessary fees, including licence renewal, within the stipulated period in accordance with the Guidelines, submitting returns in accordance with the Guidelines, and complying with the CBN’s guidelines, directives, and circulars, particularly the Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
This was announced in a statement by Sidi Ali Hakama, Acting Director of Corporate Communications.
According to the CBN, the action is taken in accordance with the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).
According to the apex bank, a list of affected BDC operators is published on its website.
The CBN also announced that it is rewriting the regulatory and supervisory standards for Bureau de Change activities in Nigeria, and that compliance with the new requirements will be required for all stakeholders in the industry.
