The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 Bureaux De Change operators for failing to observe regulatory provisions.
This was disclosed in a statement by the apex bank’s Acting Director, Corporate Communications, Sidi Ali Hakama.
The apex bank said it revoked their operating licences over their failure to pay all necessary fees, including license renewal, within the stipulated period in line with guidelines, rendition of returns in line with the Guidelines, and 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.
CBN said the revocation was done under 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).
According to the apex bank, the list of affected BDC operators is available on its website.
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