Central Bank of Nigeria has revoked the licenses of over four thousand Bureau De Change operators over their failure to meet regulatory guidelines.
The apex
bank disclosed this in a statement by its acting Director, Corporate
Communications, Sidi Hakama.
This
means there will now be 1,517 operational BDCs from the initial 5,690
The
statement said the license withdrawal was in exercise of the powers conferred
on the apex bank by the Bank and Other Financial Institutions Act, 2020, Act
No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015.
It added
that the affected institutions failed to observe at least one of the regulatory
provisions which included payment of all necessary fees, license renewal,
within the stipulated period.
It could
be recall that the CBN had recently introduced a draft guideline for BDC
operations across the country.
Reacting
to the development, the Chief Executive Officer of the Centre for the Promotion
of Private Enterprise, Dr Muda Yusuf, applauded the move to regulate the
operations of the BDCs.