The Central Bank of Nigeria (CBN) has taken a decisive step by revoking the operational licenses of 4,173 Bureaux De Change (BDCs) operating across Nigeria. This action was confirmed in a statement issued by the CBN’s Acting Corporate Communication Officer, Sidi Ali Hakama.
The decision to revoke these licenses was made in accordance with the powers vested in the Apex bank under the Banks and Other Financial Institutions Act (BOFIA) 2020 Act No 5, and the revised Operational Guidelines for Bureaux De Change 2015.
The statement outlined that the affected Bureaux De Change had failed to adhere to at least one of the following regulatory provisions:
Payment of all necessary fees, including license renewal within the stipulated period as per the guidelines.
Submission of returns in accordance with the guidelines.
Compliance with CBN directives and circulars, particularly those relating to anti-money laundering, countering the financing of terrorism, and counter proliferation financing regulations.
The CBN emphasized its commitment to revising the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria.
Members of the public were urged by the Central Bank of Nigeria to take note of this decision and act accordingly, as part of ensuring compliance within the financial sector.
