The Central Bank of Nigeria (CBN), on Friday revoked the operation licences of 4,178 Bureau De Change (BDCs), in a measure to stabilize rbe forex market and halt the free fall of the naira.
CBN in a statement by its acting director of corporate communications, Mrs. Sidi Ali, Hakama said the affected operators failed to meet the necessary guidelines set for the regulation of the industry as contained in the powers conferred in the bank under the Bank and other Financial Institutions Act (BOFIA) 2020.
According g to CBN, the operators failed to pay all necessary fees, infusing licence renewal within the stipulated period in line with the guidelines.
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The apex bank explained that the affected CBDs also failed to make renditions of returns in line with the guidelines, as well as compliance with its guidelines, directors and circulars particularly anti-money laundering (AML),countering the financing of terroriam (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 requirement will be mandatory for stakeholders in the sector when the new guidelines become effective,” the statement added.
CBN therefore advised members of the public to take note and be properly guided.
