Business
CBN revokes licenses of over 4,000 Bureau De Change operators
The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change (BDC) operators in the country.
The CBN’s Acting Director of Corporate Communications, Sidi Ali, Hakama, disclosed this in a statement on Friday in Abuja.
She said the affected institutions failed to observe regulatory provisions.
She listed the regulatory provisions to include payment of all necessary fees 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.
READ ALSO: CBN promises to clear FX backlogs of banks in five days
The action, according to the spokesperson, was in line with powers conferred on 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).
The apex bank on Tuesday approved the allocation of $20,000 each to all BDC operators in the country as part of its ongoing reform in the industry.
-
Football6 days agoBallon d’Or 2026: Yamal, Mbappe, Kane emerge early favourites
-
Football5 days agoPost-World Cup Shake-Up: Managerial changes, record transfers dominate football headlines
-
Football5 days agoWAFCON 2026: Super Falcons target winning start as Nigeria face debutants Malawi
-
Energy4 days agoNigeria wastes enough gas to Ggenerate 62,400GWh of electricity amid deepening energy crisis — NOSDRA
-
Latest1 week agoAccountability group questions ₦962.8bn Allocation for empowerment projects, official vehicles in 2026 budget
-
Business2 days agoCooking gas dealers slash prices amid intensifying market competition
-
Health4 days agoFauci’s personal diaries fuel renewed scrutiny of COVID-19 vaccine safety
-
Business1 day agoInformation Minister, VON DG to lead ARCON’s 2026 Advertising Industry Colloquium