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.
-
Featured5 days agoInside INEC’s race to prepare for Nigeria’s 2027 elections
-
Featured5 days ago2027: APC unveils nationwide campaign timetable, Tinubu to rally in 12 states
-
Latest1 week agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Business6 days agoPresident Tinubu and the Low Transport Fares Fiasco
-
Business1 week agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September
-
Business5 days agoCourt dismisses ₦170m Trade Fair contract claim, says Zenith Bank was not a party
-
Business3 days agoNaira faces exchange rate gap as Dollar hits N1,380 on parallel market
-
Latest6 days agoGlobal excitement builds as Healing Streams Live Services returns October 23