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NEWS

CBN Wields Big Stick, Revokes Operational Licences of Over 4,000 BDCs

March 1, 2024 • 2 min read

Barely few hours after slamming a $10 billion fine on Binance operators, Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has revoked the operational licences of 4,173 Bureaux De Change Operators.

A statement issued Friday evening, and signed by Sidi Ali Hakama, AG Director, Corporate Communications dated March 1, 2024 said the action 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 said that the affected institutions failed to observe at least one of the following regulatory provisions:

a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

b. Rendition of returns in line with the Guidelines.

c. 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 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.

“Members of the public are hereby advised to take note and be guided accordingly,” CBN said, adding that the list of affected BDC operators was available on the bank’s website (www.cbn.gov.ng).