CBN Revokes Licences Of 4,173 BDC Operators. See Full List Of Those Affected

Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has revoked the licences of 4,173 bureau de change (BDC) operators for failing to observe regulatory provisions.

The apex bank disclosed the development in a statement signed by its acting director, corporate communications, Sidi Ali, on Friday.

The CBN said the BDCs failed to observe at least one of its regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“The Central Bank of Nigeria (CBN), in exercise of the powers conferred on 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), has revoked the licenses of 4,173 Bureaux De Change Operators,” it stated.

CBN Governor, Yemi Cardoso

Other provisions not adhered to are rendition of returns, compliance with guidelines, directives and circulars of the CBN, especially anti-money laundering (AML), countering the financing of terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The apex bank said it 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,” CBN added.

The list of affected BDC operators is available via this link.

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