BREAKING NEWS: CBN Revokes Licenses Of 4,173 BDCs Over Regulatory Failure


The Central Bank of Nigeria (CBN), in exercise of 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), has revoked the licenses of 4,173 Bureaux De Change Operators.

The list of affected BDC operators is available on the Bank’s
website (

The apex bank in a statement by Acting Director, Corporate Communications Mrs. Sidi Ali said the affected institutions failed regulatory provisions.

She listed at least one of the regulatory provision which the BDCs failed to observe to include:

a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

b. Rendition of returns in line with the Guidelines.

c. Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The CBN spokeswoman said the apex bank “is revising 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 when the revised guidelines become effective”.

She advice members of the public to take note of the CBN’s steps and be guided accordingly.