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CBN revokes operational licenses of 4,173 BDCs

by Usman Kadri
March 1, 2024
Reading Time: 1 min read
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The Central Bank of Nigeria (CBN) has taken decisive action by revoking the licenses of 4,173 Bureaux De Change (BDC) Operators for non-compliance with regulatory provisions.

In a statement released on Friday, CBN’s Ag. Director of Corporate Communications, Sidi Ali Hakama, cited the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 as legal basis for the action. The affected institutions were found to have violated key regulations including timely payment of fees, submission of required returns, and adherence to anti-money laundering (AML) and counter-terrorism financing (CFT) directives.

The CBN emphasized the importance of compliance with regulatory provisions and announced plans to revise the guidelines governing Bureaux De Change operations in Nigeria. Stakeholders in the sector will be obligated to adhere to the new requirements once they are implemented.

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In light of these developments, the apex bank advised the public to stay informed and comply with the regulatory framework governing Bureaux De Change operations in the country.

The CBN’s move underscores its commitment to enforcing regulatory standards in the financial sector, ensuring transparency and integrity in currency exchange operations across Nigeria.

Download the file below for the full list of revoked BDC licenses, as obtained from the Central Bank of Nigeria website.

LIST-OF-REVOKED-BDC-LICENSES_MARCH-1_-2024

LIST OF REVOKED BDC LICENSES_MARCH 1_ 2024Download
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