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CBN revokes licences of 4,173 BDCs

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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