The Central Bank of Nigeria, CBN has withdrawn operational licenses from 4,173 Bureau de Change Operations as efforts to stabilise the country’s forex market continues.
This was announced in a statement on Friday by the CBN Ag. Director, Corporate Communications, Sidi Ali, Hakama.
The list of affected BDC operators is available on the CBN website
According to the apex bank, the affected institutions failed to observe at least one of its regulatory provisions.
The provisions 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 disclosed that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.
It stated that compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.
“Members of the public are hereby advised to take note and be guided accordingly,” CBN added.
