The Central Bank of Nigeria (CBN) has revoked the licences of
4,173 bureau de Change (BDC) operators for failing to observe regulatory
provisions.
In a statement signed by Sidi Ali, CBN’s acting director,
corporate communications, on Friday, the apex bank 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,” CBN said.
Other provisions not adhered to our the 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.