JUST IN: CBN revokes operational licenses of 4,173 BDCs

JUST IN: CBN denies any plans to redenominate the naira

The Central Bank of Nigeria (CBN) has withdrawn the operational licenses of over 4,000 Bureau De Change (BDC) businesses that fall under its jurisdiction.

The apex bank stated that the revocation was due to the concerned BDCs’ failure to follow specific regulatory criteria.

This information was provided in a statement signed by the bank’s Director of Corporate Communications.

In addition, the bank has made a list of the affected BDCs available on its official website to the public.

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It stated:

  • “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 is available on the Bank’s website (www.cbn.gov.ng).”
  • “The affected institutions failed to observe at least one of the following regulatory provisions:
  • a. Payment of all necessary fees, including licence renewal, within the stipulated  period in line with the Guidelines. 1. Rendition of returns in line with the Guidelines. 2. 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.” 
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Furthermore, the bank noted it is currently revising the regulatory guidelines of BDCs and their operations and the public should take note of its current position.  

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