CBN revokes licences of 4,173 BDC operators

The Central Bank of Nigeria has announced the revocation of licenses for more than 4,000 Bureau De Change operators due to violations of operational regulations.

Sidi Ali, the spokesperson for the CBN, disclosed in a statement on Friday that the apex bank has taken action against 4,173 Bureaux De Change Operators for failing to adhere to regulatory standards in their operations.

The CBN clarified that the affected institutions had neglected to comply with various regulations, including the timely payment of all required fees, submission of returns as per guidelines, and adherence to directives related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

This move comes amidst an economic downturn that has resulted in the depreciation of the Nigerian naira in the international market.