The Central Bank of Nigeria (CBN) has announced the revocation of licenses for 4,173 Bureaux De Change (BDC) Operators due to their failure to comply with regulatory guidelines.
This decision was communicated in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, on Friday.
The revocation of licenses was carried out under the authority granted to the apex bank by the Bank and Other Financial Institutions Act 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.
According to the statement, the affected BDC operators failed to adhere to at least one of the regulatory provisions, including timely payment of all necessary fees, such as license renewal fees, as stipulated by the guidelines.
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The regulatory provisions also require BDC operators to submit returns in accordance with the guidelines and to comply with directives and circulars issued by the CBN, particularly those related to Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing regulations.
The CBN further stated its intention to revise the regulatory and supervisory guidelines for BDC operations in Nigeria.
Compliance with the new requirements will be mandatory for all stakeholders in the sector once the revised guidelines take effect.
Members of the public are advised to take note of these developments and adhere to the guidelines accordingly. More information on the affected BDC operators can be found on the CBN’s website.
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