AGS NEWS – The Central Bank of Nigeria (CBN) has nullified the licenses of 4,173 Bureaux De Change Operators due to their non-compliance with regulatory provisions, as disclosed by the apex bank.

Among the breaches cited by the CBN are failure to fulfill financial obligations such as payment of required fees and license renewal within specified timelines, submission of reports as per guidelines, and adherence to directives concerning Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

The announcement was made via a statement issued by Sidi Ali, Hakama, the Acting Director of Corporate Communications.

The CBN justified its actions 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).

The affected BDC operators’ list has been published on the CBN’s official website. Additionally, the CBN indicated its plans to revise the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It emphasized that compliance with the new stipulations will be obligatory for all stakeholders in the sector.