Wednesday, April 24, 2024
Home Business CBN REVOKES OPERATIONAL LICENSES OF 4,173 BDCs

CBN REVOKES OPERATIONAL LICENSES OF 4,173 BDCs

The Central Bank of Nigeria (CBN),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), has revoked the licenses of 4,173 Bureaux De Change Operators.
This is contained in a statement signed by the Acting Director of corporate communication SidiAli, Hakama
 The list of affected BDC operators is available on the Bank’s
website (www.cbn.gov.ng).
The Statement reels out that, the affected institutions failed to observe
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 (AML), Countering the Financing of Terrorism (CFT)
and Counter-Proliferation Financing (CPF) regulations.
The Apex bank says it’s  revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.
Saying 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.
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