The Central Bank of Nigeria has revoked the operational licences of 4,173 Bureaux De Change Operators in Nigeria.

According to a statement issued on Friday, the apex bank says the decision is 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).

The bankers’ bank says the list of affected BDC operators is available on its website (www.cbn.gov.ng).

Giving reasons for the decision, the bank said 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 (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The CBN says it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It further added that compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.