The Central Bank of Nigeria has revoked the licenses of 4,173 Bureaux De Change operators in Nigeria.
This information was revealed on the bank’s official website in a statement signed by the Director of Corporate Communications at the bank.
The bank indicated that the revocation was due to the failure of the affected BDCs to comply with certain regulatory guidelines.
The statement further said that the affected institutions failed to observe at least one of the regulatory provisions.
“ These guidelines include the payment of all necessary fees, including license renewal, within the stipulated period in line with the guidelines, rendition of returns in line with the guidelines, and the 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” it said.
The bank has also published a list of the affected BDCs on its official website for the public.
Furthermore, the bank noted that it is currently revising the regulatory guidelines of BDCs and their operations and the public should take note and be guided by its current position.
