CBN revokes operational licenses of 4,173 Bureau De Change

By Samuel Ogunsona

The Central Bank of Nigeria, (CBN) has revoked the licenses of a record 4,173 Buŕeau De Change, (BDC).

Experts describe the move as one of the most remarkable effort at stopping terrorism financing, corruption and forex speculation.

The sledge hammer was directed by President Bola Tinubu on Friday.

For many decades, the BDC have become fronts for crooks, politicians and money landerers.

The CBN announced the revocation of 4,173 Bureau De Change, BDC, and licenses over the failure to meet some specific guidelines.

A statement signed by its acting Director, Corporate Communications, Sidi Hakama, made available to Irohinodua said the revocation takes immediate effect.

According to Sidi, The list of affected BDC operators has been made public and available to everyone on CBN’s official website.

She said the affected institutions failed to observe some of the regulatory rules which includes the 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 and also 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 Central Bank of Nigeria, in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015, has revoked the licences of 4,173 Bureaux De Change Operators” she said.

Sidi mentioned that the Apex bank would from now on revise its regulatory and supervisory guidelines for BDC operators in Nigeria.

“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 CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing 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.

The CBN urge members of the public to take note and be guided accordingly.

The CBN said the requirements and guidelines will be made mandatory for stakeholders in the sector.