CBN revokes operational licences of 4,173BDCs

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The operational licenses of 4,173 Bureaux De Change Operators have been revoked by the Central Bank of Nigeria (CBN).

The BDCs were accused of failure to observe regulatory provisions.

A statement on Friday by the bank’s Acting Director, Corporate Communications, Sidi Ali Hakama, disclosed this.

The statement said the move is part of efforts to restore confidence in the nation’s foreign exchange market.

The CBN said the list of affected BDC operators is available on its website, stating that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It added that compliance with the new requirements will be mandatory for all stakeholders in the sector.

It further stated that the action is an 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).

These rules, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and 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.