CBN axes 4,173 Bureaux De Changes
The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions.
According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, the move is in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA).
Sidi said that the list of affected BDC operators was available on the Bank’s website.
She said that the affected institutions failed to observe at least one of the following regulatory provisions:
* 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 directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
She said, “The CBN is revising the regulatory and supervisory guidelines for BDC 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.”
