Thursday, May 1, 2025

CBN revokes licences of 4,173 Bureaux De Change operators

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Ibrahim Ramalan
Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via ibroramalan@gmail.com, or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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tiamin rice
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The Central Bank of Nigeria, CBN, has announced revocation of operational licences of 4,173 Bureaux De Change, BDCs, for failure to observe some regulatory provisions.

According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Hakama Sidi on Friday in Abuja, the move is in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act, BOFIA.

Mrs Sidi said that the list of affected BDC operators was available on the Bank’s
website.

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She said that the affected institutions failed to observe at least one of the following regulatory provisions:

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They are payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

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Others are the rendition of returns in line with the guidelines and compliance with 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 is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

”Compliance with the new requirements will be mandatory for all
stakeholders in the sector when the revised guidelines become effective.

“Members of the public are hereby advised to take note and be guided accordingly,” she said.
NAN

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