The Central Bank of Nigeria (CBN) has revoked the operational licences of 4,173 Bureau De Change (BDC) operators and published the list of BDCs affected.
TheNewsGuru.com (TNG) reports the apex bank published the list on Friday while disclosing the affected BDCs failed to observe some regulatory provisions.
The regulatory provisions listed by CBN are payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines and rendition of returns in line with the Guidelines.
CBN also disclosed one of the regulatory provisions as 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.
The apex bank said this 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).
“The list of affected BDC operators is available on the Bank’s website,” CBN disclosed in a statement by Sidi Ali Hakama (Mrs.), Ag. Director, Corporate Communications.
The apex bank also disclosed it is revising the regulatory and supervisory guidelines for Bureau de Change operations in the country.
“Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.
“Members of the public are hereby advised to take note and be guided accordingly,” it stated.
See full list of affected 4,173 BDC operators here