The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change operators in the country. According to the bank, the affected institutions did not pay for the renewal of their licenses, file returns, or follow CBN guidelines regarding counterterrorism funding, anti-money laundering, and proliferation finance. regulations. The statement signed by the bank's Director of Corporate Communications, Sidi Ali Hakama, read thus: “The Central Bank of Nigeria (CBN), in the 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), has revoked the licenses of 4,173 Bureaux De Change Operators.
The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).”
“The affected institutions failed to observe at least one of the following regulatory provisions:
”a. Payment of all necessary fees, including license renewal, within the stipulated period in line with the Guidelines. 1. Rendition of returns in line with the Guidelines. 2. 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.”
