Dollar vs Naira: CBN Revokes Licenses of 4,173 Bureaux de Change

The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change (BDC) Operators, Naija News reports.

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).

This was made known in a statement on Friday by the CBN Ag. Director, Corporate Communications, Sidi Ali, Hakama.

The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).

According to the CBN, the affected institutions failed to observe at least one of its regulatory provisions.

The provisions include: “Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

“Rendition of returns in line with the Guidelines.

“• 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 CBN disclosed that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It stated that 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,” the apex bank added.