March 03, (THEWILL)- The Central Bank of Nigeria, CBN, has revoked the licenses of 4,173 Bureau De Change Operators.
According to the apex bank, the affected institutions failed to observe regulatory provisions.
These, according to the bank, include 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-P This was made known in a statement by Sidi Ali, Hakama, the Acting Director, Corporate Communications.
CBN said the action is 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).
According to the apex bank, the list of affected BDC operators is available on its website.
The CBN further said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, adding that compliance with the new requirements will be mandatory for all stakeholders in the sector.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
