Forex Crisis: 4,173 BDCs have their operating licenses revoked by the CBN

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4,173 Bureaux De Change Operators have had their licenses withdrawn by the Central Bank of Nigeria, or CBN.

The top bank claims that the impacted banks disregarded legal requirements.

The bank claims that these include filing returns in accordance with the guidelines, paying all required fees—including license renewal—within the allotted time frame in accordance with the guidelines, and adhering to the guidelines, directives, and circulars of the CBN, especially those pertaining to anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF) regulations.

Sidi Ali, Hakama, the Acting Director of Corporate Communications, disclosed this in a statement.

The Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines) grant CBN the authority to take the action, according to CBN.

The list of impacted BDC operators is accessible on the apex bank’s website, according to them.

The CBN went on to state that it is updating the regulatory and supervisory rules for Bureau de Change activities in Nigeria and that all parties involved in the industry will need to comply with the new standards.

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