The Central Bank of Nigeria (CBN) has revoked the operating licenses of 4,173 Bureaux De Change (BDC) operators due to alleged non-compliance with regulations. This action was taken under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015.
According to Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, the revoked BDCs are accused of various violations, including non-payment of necessary fees such as license renewal fees within the stipulated period. They also failed to provide the required returns as outlined in the Guidelines and did not adhere to the CBN’s guidelines, directives, and circulars, particularly those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
In response to these compliance issues, the CBN is revising the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria. Once the revised guidelines are implemented, all stakeholders in the sector will be required to comply with the new requirements.
The CBN has published the list of the affected Bureaux De Change operators on its website, and the public is advised to take note of this development and adhere to the guidelines accordingly.
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