The Central Financial institution of Nigeria, CBN, has revoked the licenses of 4,173 Bureaux De Change Operators.
In accordance with the apex financial institution, the affected establishments failed to watch regulatory provisions.
These, in keeping with the financial institution, embrace cost of all mandatory charges, together with licence renewal, inside the stipulated interval in keeping with Tips, rendition of returns in keeping with the Tips, and compliance with pointers, directives and circulars of the CBN, notably Anti-Cash Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) laws.
This was made recognized in an announcement by Sidi Ali, Hakama, the Performing Director, Company Communications.
CBN stated the motion is in train of the powers conferred on it beneath the Financial institution and Different Monetary Establishments Act (BOFIA) 2020, Act No. 5, and the Revised Operational Tips for Bureaux De Change 2015 (the Tips).
In accordance with the apex financial institution, the listing of affected BDC operators is obtainable on the its web site.
The CBN additional stated it’s revising the regulatory and supervisory pointers for Bureau de Change operations in Nigeria, including that compliance with the brand new necessities might be necessary for all stakeholders within the sector.
