By Chris Agabi
The Central Bank of Nigeria (CBN) has rebooked the licenses of 4,173 Bureau De Change operators across the country.
A statement by Sidi Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications said this is in response to anti -money laundering drive.
The statement read: “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) has revoked the licenses of 4,173 Bureaux De Change operators.”
It said: “The list of affected BDC operators is
available on the Bank’swebsite (www.cbn.gov.ng). The affected institutions failed to observe at least one of the foll-
owing regulatory provisions: a. Payment of all necessary fees including licence renewal, within the stipulated period in line with
the Guidelines. b. Rendition of returns in line with the Guidelines. c. 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” it emphasized.
“The CBN is revising the regulatory and supervisory guidelines for Bureau de Change Operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the
sector when the revised guidelines
become effective” the statement stated.
