The Central Bank of Nigeria, CBN, has nullified the licenses of 4,173 Bureaux De Change Operators.
According to the apex bank, the contrived institutions had failed to comply with the regulatory provisions.
These, according to the bank, include payment of all necessary fees, including license renewal, within the mandated period in line with Guidelines, rendition of returns in line with the Guidelines, and the 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.
This latest news was made known in a statement by Sidi Ali, Hakama, the Acting Director, Corporate Communications.
Meanwhile, CBN has said that the action 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).
According to the apex bank, the list of affected BDC operators were available on the its website.
The CBN further said that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, and that complying with the new requirements will now be obligatory for all stakeholders in the sector.
