Over 4,000 operators of Bureau De Change in Nigeria have been put out of business by the Central Bank of Nigeria.
The CBN said Friday that the revocation of the BDC Licences is one of the measures being taken to sanitise the flawed financial system, which has seen the naira take a beating in recent times.
A statement signed by the CBN Director of Corporate Communications, Sidi Ali Hakama said:
“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 list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng). The affected institutions failed to observe at least one of the following regulatory provisions:
”a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines. 1. Rendition of returns in line with the Guidelines. 2. 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.
“Members of the public are hereby advised to take note and be guided accordingly.”
Free-Falling