The Central Bank of Nigeria (CBN) has taken decisive action by revoking the licenses of 4,173 Bureaux De Change Operators for failing to adhere to regulatory provisions. The announcement came through a statement issued on Friday by the bank’s Acting Director of Corporate Communications, Sidi Ali Hakama.
In a bid to bolster confidence in the nation’s foreign exchange market, the CBN clarified that this measure is part of broader efforts aimed at restoring stability and transparency.
The affected BDC operators can find the list of revoked licenses on the CBN’s official website. Additionally, the CBN emphasized its commitment to revising the regulatory and supervisory guidelines governing Bureau de Change operations in Nigeria. Compliance with these updated requirements will be obligatory for all stakeholders in the sector.
The CBN cited its authority under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, as well as the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), as the legal basis for this action. Key provisions include timely payment of all necessary fees, including license renewal fees, adherence to reporting requirements outlined in the Guidelines, and compliance with directives and circulars issued by the CBN, particularly those pertaining to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
PRESS RELEASE: CBN Revokes Operational Licenses of 4,173 BDCs. Access the list here… https://t.co/uPRV8q17XM pic.twitter.com/EdlnB57mVE
— Central Bank of Nigeria (@cenbank) March 1, 2024
