By Ola Kay
The Central Bank of Nigeria, CBN, has cancelled the operational licences of not less than 4,173 Bureaux De Change operators, BDCs in the country, for their failure to renew same.
A statement signed by the apex bank’s acting Director, Corporate Communication, Sidi Hakama, informed that the affected institutions declined to pay for licence renewal, submit returns or comply with CBN directives on anti-money laundering, countering financing of terrorism, and counter proliferation financing regulations.
Following the development, the CBN said that it would revise the regulatory guidelines of BDCs in the country, as part of efforts to restore confidence in the foreign exchange market.
The apex bank had also gone ahead to publish the full list of the affect Bureau De Change operators.
In line with its statutory powers under Section 56 of the Banks and Other Financial Institutions Act, 2020 (BOFIA)., CBN recently embarked on revised Regulatory and Supervisory Guidelines for BDCs operations in Nigeria.
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