Northern Nigerian Breaking News

JUST IN: CBN revokes licenses of over 4,000 BDCs

The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change operators.

The apex bank said the action is an 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).

This information was revealed in a statement signed by CBN Director of Corporate Communications, Hakama Sidi Ali, on Friday.

The list of affected BDC operators was posted on the Apex Bank website on Friday.

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According to the CBN, the affected institutions failed to make payment of all necessary fees, including license renewal, within the stipulated period in line with the Guidelines.

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Some of them also failed to make a rendition of returns in line with the Guidelines as well as failed to comply 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 said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It said, “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.”


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