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HomeBusiness NewsCBN Revokes Operational Licenses of 4,173 BDCs

CBN Revokes Operational Licenses of 4,173 BDCs

4,173 bureau de change (BDC) operators had their licenses withdrawn by the Central Bank of Nigeria (CBN) for violating rules and regulations.

The acting director of corporate communications at CBN, Sidi Ali, signed a statement on Friday on behalf of the apex bank, which stated that the BDCs had not complied with at least one of its regulatory requirements, including paying all required fees—including license renewal—in a timely manner.

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4,173 bureau de change (BDC) operators had their licenses withdrawn by the Central Bank of Nigeria (CBN) for violating rules and regulations.

The acting director of corporate communications at CBN, Sidi Ali, signed a statement on Friday on behalf of the apex bank, which stated that the BDCs had not complied with at least one of its regulatory requirements, including paying all required fees—including license renewal—in a timely manner.

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The rendering of returns, adherence to CBN guidelines, directives, and circulars—particularly those pertaining to anti-money laundering (AML), countering the financing of terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations—are among the other provisions that are not being followed.

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The apex bank said it 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,” CBN said.

The financial regulator advised the public to take note. [CONTINUE READING HERE]

CBN Revokes Operational Licenses of 4,173 BDCs


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