By Williams Amofokhai
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has abrogated the operational licenses of 4,173 Bureau De Change (BDC) operators.
This is contained in a statement issued by the acting Director, Corporate Communications of CBN, Mrs. Sidi Ali, Hakama.
Hakama said the bank revoked the licenses of the operators 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).
She said the affected institutions failed to observe at least 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 and 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.
According to Hakama, the CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.
She added that compliance with the new requirements would be mandatory for all stakeholders in the sector when the revised guidelines become effective, saying that members of the public were hereby advised to take note and be guided.
