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4,173 BDC operators axed by the CBN

…Revising regulatory, supervisory guidelines


The licences of 4,173 Bureaux De Change operators have been revoked for failing to observe the Central Bank of Nigeria (CBN) regulatory provisions.


This was disclosed by the apex bank’s Acting Director, Corporate Communications, Sidi Ali Hakama in a statement on Thursday.

CBN noted that it revoked their operating licences over their failure to pay all necessary fees, including license renewal, within the stipulated period in line with guidelines, rendition of returns in line with the Guidelines, and 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 apex bank said the action is exercising 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).

According to the CBN, the list of affected BDC operators is available on its website.

The apex bank further said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, adding that compliance with the new requirements will be mandatory for all stakeholders in the sector.


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