The Central Bank of Nigeria (CBN) has taken decisive action by revoking the licenses of 4,173 bureau de change (BDC) operators, citing their failure to comply with regulatory provisions. Sidi Ali, CBN's acting director of corporate communications, highlighted that the operators neglected crucial regulatory requirements, such as timely payment of necessary fees, including license renewal within specified periods.
The regulatory shortcomings encompassed non-compliance with guidelines, directives, and circulars issued by the CBN, particularly in the areas of anti-money laundering (AML), countering the financing of terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
The affected BDCs now face the consequences of their regulatory non-compliance as the CBN works on revising the regulatory and supervisory guidelines governing BDC operations in Nigeria.
Among the BDC operators suspended 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, and Give and Take BDC LTD.
The full list of affected BDCs is available, underlining the gravity of the regulatory actions taken by the CBN.
The public has been advised to take note of these developments, signaling potential changes and stricter adherence to regulations in the BDC sector.
The CBN asserts that the revised guidelines will be mandatory for all stakeholders in the sector once they become effective, emphasizing the importance of maintaining robust regulatory standards within the financial industry.
