The licenses of 4,173 Bureaux De Change Operators have been revoked by the Central Bank of Nigeria (CBN) due to their failure to comply with regulatory provisions. The announcement was made by the bank’s Acting Director of Corporate Communications, Sidi Ali Hakama, in a statement released on Friday.
This action is aimed at rebuilding trust in the nation’s foreign exchange market. The CBN has made the list of affected BDC operators available on its website and is in the process of updating the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector.
The CBN clarified that this decision is in accordance with the powers granted to it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.
These requirements include timely payment of all necessary fees, including license renewal, adherence to reporting obligations, and compliance with CBN directives, particularly in regard to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
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