The Central Bank of Nigeria (CBN) has canceled the licenses of 4,173 Bureaux De Change Operators due to their failure to comply with regulatory provisions.
This information was shared in a statement on Friday by the bank’s Acting Director of Corporate Communications, Sidi Ali Hakama.
The apex bank stated that this action is part of its efforts to rebuild trust in the country’s foreign exchange market.
The CBN also mentioned that the list of affected BDC operators can be found on its website. It is currently updating the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, and all stakeholders in the sector will be required to adhere to these new rules.
The bank mentioned that the action taken is a result of the powers granted to 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).
These powers include the requirement to pay all necessary fees, such as license renewal, within the specified timeframe outlined in the Guidelines, submitting reports as per the Guidelines, and adhering to the guidelines, directives, and circulars of the CBN, especially those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
