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.

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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.