The Central Bank of Nigeria (CBN), this friday revoked the licenses of 4,173 Bureaux De Change Operators.
The apex regulator said the action is 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 Guidelines).
A statement by Hakama Sidi Ali, Acting Director, Corporate Communications of the CBN disclosed that the list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).
The statement further added that the affected institutions failed to observe at least one of regulatory provisions that include: 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; as well as 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.
Sidi Ali added that the CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in the country and compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.
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