The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau De Change (BDC) Operators.
The decision of the Apex bank was disclosed in a statement by the Bank’s Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, in a statement on Friday, March 1, 2024.
Hakama said that the delisted BDCs failed to observe regulatory provisions.
The Bank’s Spokesperson said that action was in consonance with 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 affected institutions 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.”
The CBN has been embroiled in moves to ensure the stabilization of the foreign exchange market especially with the harsh effects of the free fall of the value of the Naira on the nation’s economy.
The CBN, the Economic and Financial Crimes Commission and other security agencies have been in hot pursuit of those believed to be manipulating the forex market to the detriment of the economy.