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JUST IN: CBN Revokes Licences Of Over 4,000 BDCs, Gives Reasons

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No fewer than 4,173 Bureaux De Change (BDC) Operators’ licenses have reportedly been withdrawn by the Central Bank of Nigeria (CBN).

The authority granted to 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) is being executed in this manner.

Sidi Ali Hakama, the CBN Ag., the Director of Corporate Communications, said this in a statement on Friday, March 1, 2024.

The BDC operators affected can be viewed on the Bank’s website (www.cbn.gov.ng).

The CBN said the operators affected failed to abide by at least one of its regulatory provisions.

The guidelines include: “Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

“Rendition of returns in line with the Guidelines.

“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.”

The CBN started reviewing the regulatory and supervisory rules for Bureau de Change operations in Nigeria.

It said compliance with the new guidelines will be mandatory for all stakeholders in the sector when the revised requirements become effective.

The apex bank added, “Members of the public are hereby advised to take note and be guided accordingly.”

 

 

 

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