March 1, 2024

The Central Bank of Nigeria (CBN), has revoked the licenses of 4,173 Bureaux De Change Operators.

The Apex bank announced this in a statement signed by Sidi Hakama
Ag. Director, Corporate Communications on Friday.

According to the statement, this is 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 list of affected BDC operators is available on the Bank’s website

The CBN noted that 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.

“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.

Sidi Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications