The Central Bank of Nigeria (CBN) has taken decisive action to revoke the licenes of 4,173 Bureaux De Change (BDC) Operators across the country, citing their failure to adhere to regulatory provisions.
In a statement released on Friday by the CBN’s Acting Director of Corporate Communications, Sidi Ali Hakama, the apex bank announced the move as part of its ongoing efforts to restore confidence in Nigeria’s foreign exchange market.
The CBN stated that the list of affected BDC operators is now available on its website. Furthermore, the bank revealed its intention to revise the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, emphasizing that compliance with the new requirements will be mandatory for all stakeholders in the sector.
The revocation of licenses is in line with the powers conferred upon the CBN under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.
Among the regulatory provisions that the affected BDC operators allegedly failed to comply with are the payment of necessary fees, including license renewal, within the stipulated period, rendition of returns in accordance with the guidelines, and adherence to directives and circulars issued by the CBN, particularly those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
