Home Business CBN Revokes Operational Licenses of 4,173 BDCs

CBN Revokes Operational Licenses of 4,173 BDCs

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The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators over their failure to observe regulatory provisions.

Acting Director, Corporate Communications, Sidi Ali Hakama made this known in a statement on Friday, adding that the list of the affected BDC operators is available on the Bank’s website.

According to the apex bank, the directive was in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).

The move, it further noted, was part of efforts to restore confidence in the nation’s foreign exchange market.

The statement added: “The affected institutions failed to observe at least one of the following regulatory provisions: payment of all necessary fees, including licence 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 (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

“The CBN is revising 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 when the revised guidelines become effective. Members of the public are hereby advised to take note and be guided accordingly.”

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