The Central Bank of Nigeria (CBN) has nullified licenses for more than 4,000 Bureau De Change (BDC) operators, intensifying efforts to safeguard the Naira.
The decision, exercised under the Bank and Other Financial Institutions Act (BOFIA) 2020, cites non-compliance with regulatory provisions, including fee payments, timely renewal, and adherence to guidelines on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT).
The affected BDCs and revised operational guidelines can be found on the CBN website.
The CBN also disclosed plans to revise regulatory guidelines for BDC operations, urging stakeholders to adhere to the forthcoming requirements.
