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CBN revokes operational licenses of 4,173 BDCs

The Central Bank of Nigeria says it has revoked the operational licences of 4,173 Bureaux De Change operating in the country. Currently, the number of BDCs operating in Nigeria is put at 5,690, according to data from the CBN

The news of the revocation was made known in a Press release via CBN’s verified X [formerly Twitter] handle @cenbank on Friday [today] evening.

The Press release, signed by the Ag. Director, Corporate Communications, Mrs. Sidi Ali Hakama, states:

The Central Bank of Nigeria (CBN), in exercise of 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), has revoked the licenses of 4,173 Bureaux De Change Operators. The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).

The affected institutions failed to observe at least one of the following regulatory provisions:
•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.

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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.

Members of the public are hereby advised to take note and be guided accordingly.

Meanwhile, follow this link for the names of BDC whose licences have been revoked:

https://www.cbn.gov.ng/Out/2024/CCD/LIST%20OF%20REVOKED%20BDC%20LICENSES_MARCH%201_%202024.pdf

Theresa Arike
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