The Central Bank of Nigeria (CBN) has taken the decisive step of revoking the licenses of 4,173 Bureaux De Change (BDC) Operators, exercising 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 announcement was made in a statement released on Friday by the CBN Ag. Director, Corporate Communications, Sidi Ali, Hakama.

The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).

The CBN cited non-compliance with regulatory provisions as the primary reason for the revocation of licenses.

These provisions include: “Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

“Rendition of returns in line with the Guidelines.

“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 statement further disclosed that the CBN is in the process of 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 once the revised guidelines become effective.

The apex bank concluded by advising members of the public to take note of these developments and adhere accordingly.

“Members of the public are hereby advised to take note and be guided accordingly,” the apex bank added.