The Central Bank of Nigeria (CBN) has taken a decisive step by revoking the licenses of 4,173 Bureaux De Change Operators, citing their failure to adhere to regulatory provisions. The announcement came through a statement issued on Friday by the bank’s Acting Director, Corporate Communications, Sidi Ali Hakama.

The move, according to the apex bank, is a part of its broader strategy to restore confidence in the nation’s foreign exchange market. The CBN emphasized that the affected BDC operators were found to be non-compliant with regulatory standards.

The list of the affected BDC operators has been made available on the CBN’s website. Additionally, the CBN stated its intention to revise the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector.

The action taken by the CBN is in accordance with the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines). The guidelines include requirements such as the payment of all necessary fees, including license renewal, within the stipulated period, rendition of returns in line with the Guidelines, and compliance with directives and circulars of the CBN, particularly in areas such as Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

The move underscores the CBN’s commitment to ensuring compliance with regulatory standards in the financial sector and promoting stability in the foreign exchange market.