Crime Watch

Central Bank of Nigeria Evokes Operational Licenses Of 4,173 BDCs

Advertisement
Advertisement

Central Bank of Nigeria has evoked the operational licenses of 4,173 BDCs.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has revoked the operational licenses of more than 4,000 Bureau De Change (BDC) operators registered under its oversight.

 

This Nigeria news platform understands that the apex bank indicated that the revocation was due to the failure of the affected BDCs to comply with certain regulatory guidelines.

 

ALSO: How to Link BVN & NIN to Your First Bank Account in Nigeria, Diaspora

 

This information was revealed in a statement signed by the Director of Corporate Communications at the bank.

 

Additionally, the bank has published a list of the affected BDCs on its official website for the public.

 

It stated, “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.

 

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

“The affected institutions failed to observe at least one of the following regulatory provisions:

a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines. 1. Rendition of returns in line with the Guidelines. 2. 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.” 

 

Furthermore, the bank noted it is currently revising the regulatory guidelines of BDCs and their operations and the public should take note of its current position.

 

Backstory: The CBN had recently introduced a draft guideline for BDC operations across the country.

 

Major provisions introduced to the guidelines of BDCs include; the introduction of N2 billion minimum share capital for Tier-1 BDCs, limiting buying and selling forex in cash by BDCs to $500, and a $10, 000year limit for school fees amongst others. 

Advertisement
NewsOnline Nigeria

Recent Posts

  • Exchange Rates

BREAKING: Sani Fagge Exposes Cabals Misleading President Tinubu

Sani Fagge has exposed cabals misleading and shielding President Tinubu from Nigerians' suffering.   NewsOnline…

3 hours ago
  • Crime Watch

BREAKING: Tinubu Government Moves To Extradite Simon Ekpa Suffers Major Setback

President Tinubu Government's move to extradite Simon Ekpa has suffered a major setback.   NewsOnline…

3 hours ago
  • Exchange Rates

BREAKING: FG Speaks On Sacking Civil Servants With Benin Republic, Togo University Certificates

FG has spoken on sacking civil servants with Benin Republic and Togo University Certificates.  …

4 hours ago
  • Exchange Rates

BREAKING: Governor Okpebholo Appoints Sulaiman Aledeh New MD Of EBS TV, Radio

Governor Okpebholo has appointed Sulaiman Aledeh New MD Of EBS TV and Radio.   NewsOnline…

4 hours ago
  • Sports

Premier League 2025/26 Season Start Dates, Fixtures Announced (FULL LIST)

Premier League 2025/26 Season Start Dates and Fixtures have been announced.   NewsOnline Nigeria reports…

14 hours ago
  • Economy And Business

BREAKING: Nigeria Labour Congress Insists On Embarking On Nationwide Strike

Nigeria Labour Congress has insisted on embarking on a nationwide strike over the new minimum…

14 hours ago