FX: CBN Crackdown On BDC Operators, Revokes 4,173 Licenses

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News Investigators/ The Central Bank of Nigeria (CBN), has revoked the operating licenses of 4,173 Bureaux De Change Operators.

The apex bank accused the affected forex dealers of sundry violations and malpractices including failure to observe regulatory provisions.

Earlier on Friday, government task force stormed the popular Wuse zone 4 part of Abuja where it destroyed some shanties and structures where the forex dealers are operating from.

CBN, in a statement by the Acting Director, Corporate Communications, Sidi Ali Hakama listed other violations as payment of all necessary fees, including licence renewal, within the stipulated period in line with guidelines, rendition of returns in line with the Guidelines, and 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 bank 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 Bureaux De Change 2015 (the Guidelines).

According to the apex bank, the list of affected BDC operators is available on the its 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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