The Central Bank of Nigeria (CBN) has taken away the permits of 4,173 currency exchange businesses, known as Bureau De Change Operators.
The apex bank made clear that the decision was in line with Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.
The Acting Director of Corporate Communications at CBN, Mrs Sidi Ali Hakama, announced on Friday that the list of the affected operators can be found on the Bank’s website.
Mrs Hakama explained that the affected institutions had failed to comply with regulatory provisions directing their operations.
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The regulatory provisions included payment of all necessary fees, including license renewal within the stipulated period in line with the guidelines and rendition of returns in accordance with the guidelines.
The affected BDC operators had also failed to comply with CBN guidelines, directives, and circulars, particularly those related to Anti-Money Laundering, Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
She also note that the CBN is revising the rules and oversight 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,” she added. “Members of the public are hereby advised to take note and be guided accordingly”.
