Home Business CBN Revokes operationalLicenses of 4,173 BDCs

CBN Revokes operationalLicenses of 4,173 BDCs


The Central Bank of Nigeria (CBN), has revoked the licenses of 4,173 Bureaux De Change operators.

Some of the BDC operators who had their licenses revoked included Abubakar Isah BDC Nig Ltd, Abulkasim BDC Ltd, Buy And Sell BDC,Cachet BDC, Cafon BDC Ltd, Dadawaki BDC Ltd, among others

The Acting Director, Corporate Communications, Sidi Ali Hakama said the affected institutions got their licenses revoked over failure to observe at least one of the regulatory provisions made available by the apex bank.

The provisions are: 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.

Hakama further notes that the CBN was revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

She disclosed that compliance with the new requirements will be mandatory for all stakeholders in the
sector when the revised guidelines become effective.

The apex bank however advised members of the public to take note and be guided accordingly.

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

The move by the CBN is in exercise of 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)

Previous articleFG To Establish 24 Innovative Hubs Across Nigeria
Next articleINEC to Open Nomination Portal for Edo Governorship Election March 4


Please enter your comment!
Please enter your name here