Saturday, 02 March 2024 04:42

CBN revokes licences of over 4,000 Bureau de Change

Rate this item
(0 votes)

Central Bank of Nigeria (CBN) has revoked the licences of 4,173 bureau de change (BDC) operators for failing to observe regulatory provisions.

In a statement signed by Sidi Ali, CBN’s acting director, corporate communications, on Friday, the apex bank said the BDCs failed to observe at least one of its regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“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,” CBN said.

Other provisions not adhered to are rendition of returns, compliance with guidelines, directives and circulars of the CBN, especially anti-money laundering (AML), countering the financing of terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The apex bank said it is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

“Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective,” CBN said.

The financial regulator advised the public to take note.

Some of the affected BDCs are;

  • Mountaintop BDC LTD
  • Movement BDC
  • Pointless FOREX BDC LTD
  • Protected BDC LTD
  • Reading BDC LTD
  • Roundtable BDC LTD
  • Shares OF Time BDC LTD
  • Stop Over BDC LTD
  • Surging BDC LTD
  • Valid BDC LTD
  • Unical BDC LTD
  • Turnover BDC LTD
  • Couple BDC LTD
  • Happy Ends BDC LTD
  • Village WAY BDC LTD
  • Welcome BDC LTD
  • Oyinbo BDC LTD
  • Oyoyo BDC LTD
  • Lamshade BDC LTD
  • Internal Curry BDC LTD
  • Give And Collect BDC LTD
  • Give and Take BDC LTD

The full list of the affected BDCs can be found here.

 

The Cable

September 19, 2024

Independent marketers shut out as major marketers begin lifting petrol from Dangote Refinery

The Nigerian National Petroleum Company Limited, NNPCL, has authorised major petroleum marketers to commence lifting…
September 16, 2024

Trump survives another assassination attempt, suspect arrested

Republican presidential candidate Donald Trump was safe on Sunday after the Secret Service foiled what…
September 14, 2024

Ancient wall carvings suggest women used 'modern' accessory 12,000 years ago

Researchers have discovered ancient wall carvings depicting what appeared to be handbags designed with a…
September 18, 2024

Zimbabwe to slaughter 200 elephants to feed hungry citizens

Zimbabwe plans to cull 200 elephants to feed communities facing acute hunger after the worst…
September 16, 2024

Nearly 300 prisoners escape Maiduguri prison after floods

Devastating floods collapsed walls at a jail in Maiduguri in northeastern Nigeria early last week,…
September 19, 2024

Here’s the latest as Israel-Hamas war enters Day 349

Hezbollah devices explode again in Lebanon, raising fears of wider Israel conflict Hand-held radios used…
August 28, 2024

New study says China uses 80% artificial sand. Here’s why that’s a big deal

The world is running out of sand. About 50 billion tons of sand and gravel…
August 31, 2024

3 days after NFF’s announcement, Labbadia rejects offer to coach Super Eagles

Bruno Labbadia has rejected his appointment as the new head coach of Super Eagles of…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.