Over the years, the number of Bureau De Change (BDC) operators have grown sporadically.
However, there will always be challenges managing BDC operations by the Central Bank of Nigeria (CBN)
Few days after reinstating BDC operations, some BDCs have been found culpable of failing to abide by set regulations.
To this end, they have been sledge-hammered.
The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 bureau de change (BDC) operators for failing to observe regulatory provisions.
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In a statement signed by CBN’s acting director, corporate communications, Sidi Ali, on Friday, March 1, 2024.
The apex bank said the BDCs failed to observe at least one of its regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.
“The CBN, 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, has revoked the licenses of 4,173 BDC Operators,” CBN said.
Other provisions not adhered to are rendition of returns, compliance with guidelines, directives and circulars of the CBN.
The BDCs did not adhere to CBN’s anti-money laundering, countering the financing of terrorism, and Counter-Proliferation Financing regulations.
CBN said it is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.
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“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.
