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CBN revokes licences of 4,173 BDC operators

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

CBN said the BDC operators affected failed to observe regulatory provisions.

This was made known in a statement on Thursday by the apex bank’s Acting Director, Corporate Communications, Sidi Ali Hakama.

The apex bank noted that it revoked their operating licences over their failure to pay all necessary fees, including license renewal, within the stipulated period in line with guidelines, rendition of returns in line with the Guidelines, and 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.

CBN said the action is exercising 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).

According to the apex bank, the list of affected BDC operators is available on its website.

The CBN further said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, adding that compliance with the new requirements will be mandatory for all stakeholders in the sector.

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