Breaking: CBN Revokes Operational Licences of 4,173 BDCs

James Emejo in Abuja

The Central Bank of Nigeria (CBN), Friday announced the revocation of Licences of 4,173 Bureaux De Change (BDC) operators over violation of regulatory guidelines,among others.

The bank said the development was in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act N o. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).

The apex bank disclosed this in a statement issued by the acting CBN Director, Corporate Communications Department, Mrs. Sidi Ali, Hakama.

Hakama said the affected BDCs had failed to observe at least one of the regulatory provisions namely payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines, as well as their inability to render returns in line with the operational guidelines.

The BDCs also failed to comply with guidelines, directives, and circulars of the apex bank, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations, the bank added.

The CBN acting director further stressed that the central bank is currently revising the regulatory and supervisory guidelines for BDC operations in the country.

She said when effective, compliance with the revised regulations would be mandatory for all stakeholders in the sector.