For committing several regulatory infractions in their operations and activities in the foreign exchange, the apex financial systems regulator, the Central Bank of Nigeria (CBN) on Friday wielded the big stick by revoking the operational licenses of 4,173 Bureau de Change operators with immediate effect.
The CBN in a statement by its Acting Director, Corporate Communications, Sidi Ali, Hakama,
announcing the revocation of the licenses said the decision was 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 statement accused the affected institutions of failure to observe at least one of the following regulatory provisions, namely payment of all necessary fees, including license renewal, within the stipulated period in line with the Guidelines; rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly relating to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
The spokesperson said the list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).
To sanitize the operations in the foreign exchange market going forwards, the CBN announced the revision of the regulatory and supervisory guidelines for Bureau de Change operations in the country.
The apex bank said compliance with the new requirements would be mandatory for all stakeholders in the sector when the revised guidelines become effective.
It advised members of the public to note the regulatory directives and be guided accordingly.
