CBN revokes licenses of over 4,000 Bureau De Change operators

The operating licenses of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria over alleged non-compliance with regulations.

Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN noted that the apex bank invoked its powers 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).

The BDCs are accused of non-payment of necessary fees, including license renewal fees within the stipulated period as outlined in the Guidelines. Additionally, they failed to provide the required returns in accordance with the Guidelines and did not adhere to the CBN’s guidelines, directives, and circulars, specifically those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

To ensure better compliance and regulation of the Bureau de Change sector in Nigeria, the CBN is currently revising the regulatory and supervisory guidelines for these operations. Once the revised guidelines are implemented, all stakeholders in the sector will be obligated to comply with the new requirements.

The list of the affected Bureaux De Change operators can be found on the CBN’s website and the general public has been urged to take note of this development and follow the guidelines accordingly.