CBN Withdraws Licenses of 4,173 BDC Operators

The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change (BDC) operators, citing non-compliance with regulatory requirements.

The CBN announced the action in a statement issued on today, stating that the affected institutions failed to meet various regulatory provisions.

The provisions, according to the apex bank, include license renewal within the stipulated period in line with the guidelines, rendition of returns in line with the guidelines, compliance with guidelines, directives and circulars of the CBN particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.

Among those affected are 3D scanner BDC limited, Aberdeen BDC, Abdeco BDC, Abiding will BDC LTD, Abihali bureau de Change Ltd and others.

The CBN says it is currently revising the regulatory and supervisory guidelines for BDC operations in Nigeria. These revised guidelines will be mandatory for all BDCs once they come into effect.

The CBN advises the public to be aware of this development and to conduct business only with licensed BDC operators.