CBN cancels operational licenses of 4,173 BDCs

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Governor of the Central Bank, Yemi Cardoso

The Central Bank of Nigeria (CBN) on Friday said it has revoked the licence of 4,173 Bureau de Changes (BDCs) operators in the country over failure to rendition of returns in line with its guidelines, among others.

3D SCANNERS BDC Ltd, 911 BDC LTD, among others were the notable BDCs suspended by the CBN.

The Acting Director, Corporate Communications, CBN, Sidi Ali in a circular mentioned that the revoked BDCs also failed to pay all necessary fees, including license renewal, within the stipulated period in line with the guidelines and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AMU), countering the financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

According to her, the apex bank in exercise of the power conferred on it under the Bank and Other Financial Institution Act (BOFIA) 2020, Act N0. 5, and the Revised operational guidelines for Bureaux De Change 2015 (the guidelines), has revoked the licenses of 4,173 BDC operators.

“The CBN is revising the regulatory and supervising 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,” he added.

 

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