The Central Bank of Nigeria, in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act 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.
This was disclosed on Friday in a press release signed and issued by the AG, Director Corporate Communications, Sidi Ali, Hakama (Mrs.).
The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).
According to the release, the affected institutions failed to observe at least one of the following regulatory provisions:
• 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, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.
The release read in part, “The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. 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.”
This development follows a move by the CBN to regulate the foreign exchange rate of the naira, especially, in recent weeks, as they have clamped down on FX companies and bodies that have not complied with their rules.
Earlier on Friday, it issued a fine of $10 billion on Binance.
Find below the list of BDCs that have their licenses revoked:
LIST OF REVOKED BDC LICENSES_MARCH 1_ 2024
