The Central Bank of Nigeria (CBN) intensified its crackdown on Bureau De Change (BDC) operators, announcing the revocation of more than 4,000 licenses on Friday.
In its ongoing efforts to stabilize the naira, the apex bank disclosed this latest action in an official statement.
A total of 4,173 BDCs were affected, according to the statement, with a comprehensive list made available on the CBN’s website.
“The Central Bank of Nigeria (CBN), empowered by the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators,” the statement read.
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The reasons cited for the revocation included failure to adhere to regulatory provisions such as timely payment of fees, submission of required returns, and compliance with CBN directives, particularly those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.