Abuja, March 1, 2024 – The Central Bank of Nigeria (CBN) has revoked the licence of 4,173 bureau d’Change operators.
It accused the affected operators of failing to observe regulatory provisions.
Sidi Ali Hakama, the bank’s Acting Director, Corporate Communications, announced this in a statement on Friday.
According to the apex bank, the move is part of efforts to restore confidence in the nation’s foreign exchange market.
“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 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 CB, 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.
”Members of the public are hereby advised to take note and be quided.” it said. (GBN)
