Why We Revoked Licenses Of 4,173 BDC Operators – CBN

The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau De Change (BDC) Operators it emerged late on Friday

The decision of the CBN to revoke the licence of the affected BDC operators in Nigeria came in a statement issued by the bank’s Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama.

In the statement issued on Friday, March 1, 2024 the Central Bank of Nigeria stated that the affected BDC operators failed to observe regulatory provisions.

CBN said: “The affected institutions failed to observe at least one of the following regulatory provisions: a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines. b. Rendition of returns in line with the Guidelines. c. Compliance with guidelines, 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 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. Members of the public are hereby advised to take note and be guided accordingly.”

The apex bank stated that the action was in exercise of the powers conferred on 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

The list of affected BDC operators delisted from practicing in Nigeria is attached:

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