CBN revokes licences of 4,173 BDC operators

The Central Bank of Nigeria (CB) has taken decisive action by revoking the operational licences of 4,173 Bureaux De Change (BDC) operators, citing non-compliance with regulatory provisions outlined in the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.

In a statement released on Friday, the CBN said the move comes as a result of the affected institutions’ failure to adhere to essential regulatory provisions, including the timely payment of fees, adherence to reporting requirements, and compliance with anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF) regulations.

Per Second News gathered that the list of revoked licences has been made publicly available on the CBN’s official website.

In response to these developments, the CBN has signalled its intent to revise the regulatory and supervisory guidelines governing BDC operations in Nigeria.

Stakeholders within the sector are expected to comply with the forthcoming revised guidelines once they are implemented, with adherence to these regulations becoming mandatory.

“This action underscores the CBN’s commitment to maintaining the integrity and stability of Nigeria’s financial sector while ensuring strict adherence to regulatory standards.

“The revocation of licences serves as a clear warning to financial institutions regarding the consequences of non-compliance with established regulations,” the apex bank said.