CBN revokes licenses of over 4,000 Bureau De Change operators

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The CBN on Friday revoked the license of 4,173 bureaux de change operators.

CBN’s spokesperson Hakama Sidi Ali announced this in a statement. He said the affected institutions listed on the CBN website failed to comply with regulations, including the “payment of all necessary fees, including license renewal, within the stipulated period in line with the Guidelines.

”Other infractions committed by the BDCs include non-rendition of “returns in line with the Guidelines”.They were also accused of not complying with “guidelines, directives & circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism & Counter-Proliferation Financing regulations.”

Sidi Ali said the CBN is revising the regulatory & supervisory guidelines for BDC operations in Nigeria.
“Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective,” Hakama said.


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