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The Central Bank of Nigeria (CBN) has taken a significant step by withdrawing the operational licenses of 4,173 bureau de change operators.
This action is in accordance with the powers granted to the CBN 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).
According to Mrs. Hakama Sidi-Ali, the Acting Director of Corporate Communications at the CBN, the affected institutions failed to comply with various regulatory provisions.
These include the timely payment of all necessary fees, including license renewal, as well as the submission of required returns in line with the guidelines.
Additionally, non-compliance with the CBN’s directives, guidelines, and circulars, particularly in relation to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations, contributed to the revocation of their licenses.
The CBN has made the list of the affected BDC operators available on its official website (www.cbn.gov.ng).
Furthermore, the apex bank has announced its intention to revise the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.
It emphasized that compliance with the new requirements will be mandatory for all stakeholders in the sector once the revised guidelines come into effect.
This article was updated 9 months ago
