CBN Bans 4,173 BDCs, Revokes Operational Licenses
BY EDMOND ODOK – For failing the compliance test and abusing existing regulatory provisions in running their activities, the Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 erring Bureaux De Change Operators (BDCs).
The defaulting operators are unlucky to find themselves in the unemployment market as the CBN exercised 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).
A statement signed by the Acting Director, Corporate Communications of the apex Bank, Sidi Ali, Hakama (Mrs), the list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).
She said; “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; (b). Rendition of returns in line with the Guidelines; and (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.
According to the apex Bank’s spokesperson; “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 urged members of the public to take note of the CBN’s action and be guided accordingly.
