In a landmark development, the Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators in the country.
In a statement over the weekend, the apex bank said the revocation of the licenses was in line with 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 alleged that the affected institutions failed to observe at least one of regulatory provisions including; payment of all necessary fees, Rendition of returns in line with the Guidelines, as well as …
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) regulation.
The statement further disclosed that the CBN is currently revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.
According to the statement, compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.
The Apex bank advised members of the public to take note of the changes and be guided accordingly.
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