The Central Bank of Nigeria (CBN) has officially cancelled the licenses of 4,173 Bureaux De Change Operators, alleging that these entities did not comply with regulatory provisions.
This was revealed in a statement on Friday by the bank’s Acting Director, Corporate Communications, Sidi Ali Hakama.
According to the apex bank, the move is part of efforts to restore confidence in the nation’s foreign exchange market.
The CBN has indicated that the list of impacted BDC operators can be found on its website.
Additionally, it has disclosed its plans to update the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with these new requirements will be obligatory for all stakeholders within the sector.
READ MORE: I Met Abia In Bad Shape But I’m Not Complaining, I’m Dealing With What I Met– Otti
The CBN has clarified that this measure is undertaken in accordance with the powers vested in it 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).
According to the bank, this includes payment of all necessary fees, including licence renewal, within the stipulated period 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.
“The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).”
