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Friday, May 24, 2024

CBN Revokes Licenses Of 4,173 Bureau De Change Operators

Central Bank of Nigeria, CBN, has revoked the operational licenses of 4,173 Bureau De Change Operators.

The Acting Director, Corporate Communications of the Apex Bank, Sidi Ali Hakama, disclosed this in statement.

The Central Bank say, the affected institutions failed to observe regulatory provisions including payment of all necessary fees, licence renewal, within the stipulated period in line with Guidelines, and rendition of returns in line with the Guidelines.

Others are, 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.

Read Also: CBN Suspends Processing Fee On Deposits

CBN said the action 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 Bureau De Change 2015 (the Guidelines).

The statement explained that the list of affected BDC operators is available on the CBN’s website.

The CBN further said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, adding that compliance with the new requirements will be mandatory for all stakeholders in the sector.

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