Home BUSINESS BANKING & FINANCE CBN Wields Its Bick Stick, Sacks 4,173 Bureaux De Change Operators

CBN Wields Its Bick Stick, Sacks 4,173 Bureaux De Change Operators


The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators (BDCs).
A statement today, March 1 by the Acting Director, Corporate Communications, Sidi Ali Hakama, said that the action has been taken in exercise of the powers conferred on the Apex Bank, 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).
The spokesperson said that the list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).
According to her, the affected institutions have consistently failed to observe at least one of the following regulatory provisions:
a. Payment of all necessary fees, including licence renewal, within the stipulated
period in line with the Guidelines.
b. Rendition of returns in line with the Guidelines.
c. 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 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.”

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