CBN Revokes Licenses of Over 4,000 Bureaux De Change Operators for Regulatory Non-Compliance


The Central Bank of Nigeria (CBN) in a significant move has revoked the licenses of 4,173 Bureaux De Change (BDC) Operators due to their failure to adhere to regulatory provisions. This action comes as the apex bank intensifies efforts to enforce compliance with guidelines aimed at combating financial crimes such as money laundering and terrorism financing.

According to Sidi Ali, Hakama, the Acting Director of Corporate Communications at the CBN, the affected institutions neglected essential regulatory requirements, including timely payment of fees and compliance with Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

The decision to revoke the licenses was made in accordance with the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015. The list of affected BDC operators has been published on the CBN’s website for public reference.

Furthermore, the CBN announced its intention to revise the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria. Compliance with the updated requirements will be mandatory for all stakeholders in the sector, underscoring the central bank’s commitment to maintaining integrity and transparency in financial transactions.

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