CITIZENS COMPASS – Following non-compliance with its regulations. the Central Bank of Nigeria (CBN) said it has revoked the operating licenses of 4,173 Bureaux De Change (BDC) operators.
The Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, who disclosed this in a statement on Friday, said the affected institutions failed to comply with various regulatory provisions.
These include the non-payment of necessary fees, including license renewal fees, within the stipulated period as outlined in the Guidelines. Additionally, they failed to provide the required returns in accordance with the Guidelines and did not adhere to the CBN’s guidelines, directives, and circulars, specifically those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
To ensure better compliance and regulation of the Bureau de Change sector in Nigeria, the CBN is currently revising the regulatory and supervisory guidelines for these operations. Once the revised guidelines are implemented, all stakeholders in the sector will be obligated to comply with the new requirements.
The CBN has urged the public to take note of this development and follow the guidelines accordingly. The list of the affected Bureaux De Change operators can be found on the CBN’s website.
This move by the CBN demonstrates its commitment to enforcing regulations and ensuring the stability and integrity of the financial system. It also serves as a reminder to all financial institutions and businesses to comply with the set guidelines and regulations to maintain a secure and transparent financial environment.
The CBN invoked its powers 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).
