No fewer than 4,173 Bureaux De Change (BDC) operators have had their operating licenses revoked.
The Central Bank of Nigeria (CBN) cited non-compliance with regulations for clamping on them.
The CBN invoked its powers 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 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 non-payment of necessary fees, including license renewal fees, within the stipulated period as outlined in the Guidelines. Additionally, they failed to provide the required returns in accordance with the Guidelines and did not adhere to the CBN’s guidelines, directives, and circulars, specifically those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
Already, the apex bank is revising the regulatory and supervisory guidelines for these operations all with the aim of ensuring better compliance and regulation of the Bureau de Change sector in Nigeria.
The CBN has urged the public to take note of this development and follow the guidelines accordingly. The list of the affected Bureaux De Change operators can be found on the CBN’s website at www.cbn.gov.ng.
