In a significant regulatory move, the Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change (BDC) operators, exercising its authority under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.
The announcement was made in a statement issued on Friday by the CBN’s Acting Director of Corporate Communications, Sidi Ali Hakama.
The CBN disclosed that the affected BDC operators failed to adhere to at least one regulatory provision, including payment of necessary fees, timely license renewal, rendition of returns, and compliance with CBN directives, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
The list of affected BDC operators has been published on the CBN’s official website (www.cbn.gov.ng), providing transparency to stakeholders.
Furthermore, the CBN revealed its intention to revise the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria. Compliance with these new requirements will be obligatory for all stakeholders in the sector once the revised guidelines take effect.
The apex bank emphasized that members of the public should take note of these developments and adhere to the forthcoming regulatory changes accordingly.
