CBN Withdraws Operational Licenses Of 4,173 BDCs

The Central Bank of Nigeria (CBN) has seized the operational licenses of 4,173 Bureau De Change (BDCs) in the country.

This was contained in a press statement issued on Friday night by the Ag. Director, Corporate Communications at the apex bank, Mrs Hakama Sidi Ali.

Ali said BDCs’ licenses were revoked for failing to observe regulatory provisions, such as payment of all necessary fees, including licence 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 (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

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