Forex Crisis: CBN Revokes Operational Licenses Of 4,173 BDCs

Tthe licenses of 4,173 Bureaux De Change Operators have been revoked by the Central Bank of Nigeria, CBN.

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-Proliferation Financing (CPF) regulations.

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 the 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.