CBN hammers 4,173 BDCs, withdraws licences

Omeiza Bilal

The Central Bank of Nigeria (CBN), on Friday said it has revoked the operational licences of 4,173 Bureaux De Change (BDCs) over failure to observe some regulatory provisions.

According to a statement signed by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi in Abuja, 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.

The acting Director said the affected institutions failed to observe at least one of the following regulatory provisions such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

The rendition of returns in line with the guidelines and 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.

“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,” she said.