The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change (BDC) operators. This action, taken under the authority conferred by the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015, comes as a response to the failure of the affected institutions to adhere to regulatory provisions outlined by the CBN.
The regulatory provisions include timely payment of all necessary fees, including license renewal, adherence to reporting requirements, and compliance with directives related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations. The CBN has emphasized the importance of these regulations in safeguarding the integrity of Nigeria’s financial system and preventing illicit financial activities.
The list of affected BDC operators has been made available on the CBN’s official website (www.cbn.gov.ng), providing transparency and clarity regarding the regulatory action taken. Additionally, the CBN has announced its intention to revise the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria. Once the revised guidelines come into effect, compliance with the new requirements will be mandatory for all stakeholders in the sector.
Sidi Ali Hakama (Mrs.), Acting Director of Corporate Communications at the CBN, urged members of the public to take note of the regulatory action and comply with the directives accordingly. The revocation of licenses underscores the CBN’s commitment to maintaining the integrity and stability of Nigeria’s financial system, ensuring compliance with regulatory standards, and fostering a conducive environment for financial services.