BREAKING: CBN Revokes Operational Licenses Of 4,173 BDCs Over Forex Market Abuse

The Central Bank of Nigeria (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 (the Guidelines) has revoked the licenses of 4,173 Bureaux De Change operators.

The list of affected BDC operators was posted on the apex bank website on Friday.

The affected institutions, according to the CBN failed to make payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

Some of them also failed to make rendition of returns in line with the Guidelines as well as failed to comply 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.

The CBN said it is revising the regulutory and supervisory guidelines for Bureau de Change operations in Nigeria.

It said, “Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective. Members of the public are hereby advised to take note and be guided accordingly.”