Names Of Revoked Bureaux De Change Operators

The Central Bank of Nigeria (CBN) has announced the revocation of licenses for 4,173 Bureaux De Change (BDC) operators. According to a statement released on Friday by Sidi Ali, Hakama, the acting Director of Corporate Communications at the CBN, this decision was made under the authority granted by the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.

The CBN emphasized that this action was taken due to the failure of the affected institutions to comply with regulatory provisions, including timely payment of all required fees, such as license renewal fees, as outlined in the Guidelines. Additionally, these institutions did not meet requirements for rendering returns in accordance with the Guidelines, and failed to adhere to CBN directives and circulars, notably those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

The apex bank further revealed that it is in the process of revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.