The Central Bank of Nigeria (CBN) has announced the revocation of operational licenses for 4,173 Bureau de Change (BDCs) for failure to observe some regulatory provisions.
According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi, on Friday in Abuja, the move is an exercise of the powers conferred on it under the Bank
and Other Financial Institutions Act (BOFIA).
Sidi said that the list of affected BDC operators was available on the Bank’s
website.
She said that the affected institutions failed to observe at least one of the following regulatory provisions:
payment of all necessary fees, including license renewal, within the stipulated period in line with the guidelines.
Others are the rendition of returns in line with the guidelines and compliance with directives and circulars of the CBN, particularly the Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
“The CBN is revising the regulatory and supervisory guidelines for BDC 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,” she said. (NAN)
