Why CBN revoked operational licenses of 4,173 BDCs in Africa’s largest economy

By Chioma Obinagwam


The apex monetary authority of Africa’s largest economy— Nigeria, the Central Bank of Nigeria (CBN), has revoked the licenses of 4,173 Bureaux De Change Operators.


Confiance News gathered from the official X handle of CBN.


According to a statement by the Ag. Director, Corporate Communications, CBN, Mrs Sidi Ali Hakama, 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 guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML).
  • Countering the Financing of Terrorism (CFT).


  • Counter Proliferation Financing (CPF) regulations.


Hakama noted that the action was also in accordance with the exercise of the powers conferred on the CBN 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).


She added that the list of affected BDC operators is available on the Bank’s website.


The Ag. Director said that 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,” she stressed.


Hakama, however, enjoined the public to be guided.

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