Dollar vs Naira: CBN Takes Action, Revokes Licenses Of 4,173 BDCs

The licenses of 4,173 Bureaux de Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN).

This action is taken under the authority vested in the Central Bank of Nigeria (CBN) by 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 announcement was disclosed in a statement on Friday by Sidi Ali Hakama, the Acting Director of Corporate Communications of the CBN

The list of affected BDC operators is available on the bank’s website (www.cbn.gov.ng).

According to the CBN, the affected institutions failed to observe at least one of its regulatory provisions.

The provisions include: “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 disclosed that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It stated that 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,” the apex bank added.