The Central Bank of Nigeria (CBN) has revoked the licences of
4,173 bureau de change (BDC) operators for failing to observe regulatory
provisions.
In a statement signed by Sidi Ali, CBN’s acting director,
corporate communications, on Friday, the apex bank said the BDCs failed to
observe at least one of its regulatory provisions, such as payment of all
necessary fees, including licence renewal, within the stipulated period in line
with the guidelines.
“The Central Bank of Nigeria (CBN), 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), has revoked the licenses of 4,173 Bureaux De
Change Operators,” CBN said.
Other provisions not adhered to are rendition of returns,
compliance with guidelines, directives and circulars of the CBN, especially
anti-money laundering (AML), countering the financing of terrorism (CFT) and
Counter-Proliferation Financing (CPF) regulations.
The apex bank said it is revising the regulatory and
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,”
CBN said.
The financial regulator advised the public to take note.
Some of the affected BDCs are;
Mountaintop BDC LTD
Movement BDC
Pointless FOREX BDC LTD
Protected BDC LTD
Reading BDC LTD
Roundtable BDC LTD
Shares OF Time BDC LTD
Stop Over BDC LTD
Surging BDC LTD
Valid BDC LTD
Unical BDC LTD
Turnover BDC LTD
Couple BDC LTD
Happy Ends BDC LTD
Village WAY BDC LTD
Welcome BDC LTD
Oyinbo BDC LTD
Oyoyo BDC LTD
Lamshade BDC LTD
Internal Curry BDC LTD
Give And Collect BDC LTD
Give and Take BDC LTD
The full list of the affected BDCs can be found here.
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