Bureaux De Change Licenses Revoked: CBN Takes Action for Non-Compliance
The Central Bank of Nigeria has canceled licenses for 4,173 Bureaux De Change (BDC) operators because they didn’t follow the rules.
The bank invoked its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.
The BDCs didn’t pay necessary fees, renew their licenses on time, or follow the CBN’s guidelines on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
The CBN is revising regulations to ensure better compliance. The affected operators’ list is available on the CBN’s website, and everyone is urged to follow the guidelines.