The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators (BDCs), accusing the affected institutions of failing to observe regulatory provisions.
The clampdown was conveyed through a statement on Friday by the apex bank’s Acting Director, Corporate Communications, Sidi Ali Hakama.
According to the apex bank, the action is part of efforts to restore confidence in the nation’s foreign exchange market.
While noting that the list of affected BDC operators is available on its website, the CBN 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.
It stated that the action is an 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).
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.
