CBN Revokes Licenses Of 4,173 Bureau De Change Operators

The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 Bureaux De Change Operators over their failure to meet regulatory guidelines.

The bank revealed this in a statement signed by the acting Director, Corporate Communications, Sidi Hakama, on Friday.

Sidi stated that the licence withdrawal is in exercise of the powers conferred on the apex bank under the Bank and Other Financial Institutions Act 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.

The statement read, “The Central Bank of Nigeria, in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015, has revoked the licences of 4,173 Bureaux De Change Operators.

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

It further said that the affected institutions failed to observe at least one of the regulatory provisions.

It added, “The affected institutions failed to observe at least one of the following regulatory provisions: 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, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.”

The director further said that, “The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. 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.”