The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators, accusing the affected institutions of failing to observe regulatory provisions.
This is contained in a statement by the bank’s Acting Director, Corporate Communications, Sidi Ali Hakama on Friday.
CBN noted that the move is part of efforts to restore confidence in the nation’s foreign exchange market.
The bank added it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.
CBN explained that compliance with the new requirements will be mandatory for all stakeholders in the sector.
It noted that the list of affected BDC operators is available on its website.
According to the bank, 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).
These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and 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.
