CBN Revokes Operational Licenses of 4,173 BDC in Nigeria

The Central Bank of Nigeria has withdrawn the operational licenses of 4,173 Bureau De Change Operating across Nigeria.

The Bank in a statement issued and signed by its Acting Corporate Communication, Sidi Ali Hakama, said the decision was in compliance with the exercise of the power conferred on Apex bank under the Banks and other financial institutions Act (BOFIA) 2020 Act No 5, and the revised Operational Guidelines for Bureau De Change 2015.

According to the statement, the affected Bureau De Change failed to comply with at least one of the following regulatory provisions:

Payment of all necessary fees, including license renewal within the stipulated period in line with the guidelines.

Rendition of returns in line with the guidelines

Compliance with guidelines, directives and circulars of the CBN particularly, anti-money laundering, countering the financing of Terrorism and counter proliferation financing regulations.

The Apex bank stated that it is revising the regulatory and supervisory guidelines for the Bureau De Change operations in Nigeria.

The Central Bank of Nigeria urged members of the public to take note of this decision and be guided accordingly.