Bureau De Change operators; CBN revokes over four thousand licenses

 


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.

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