CBN Revokes Licences of 4,173 BDC Operators For Non-compliance With Regulatory Requirements
The Central Bank of Nigeria (CBN) has taken decisive action by revoking the licenses of 4,173 Bureaux De Change (BDC) operators for non-compliance with regulatory provisions.
This move was communicated in a statement issued on Thursday by the CBN’s Acting Director, Corporate Communications, Sidi Ali Hakama.
The CBN cited various reasons for the license revocation, including the operators’ failure to pay necessary fees, such as license renewal fees, within the stipulated period. Additionally, non-compliance with guidelines, directives, and circulars, particularly relating to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations, contributed to the decision.
This action by the CBN is in line with its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.
The list of affected BDC operators has been made available on the CBN’s website. Furthermore, the CBN announced its intention to revise the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria. Compliance with these new requirements will be mandatory for all stakeholders in the sector.
