Politics
Breaking Down The Numbers: CBN’s Decision To Revoke 4,173 Bureau De Change Licences Unveiled
Breaking Down The Numbers: CBN’s Decision To Revoke 4,173 Bureau De Change Licences Unveiled....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) took decisive action on Friday by revoking the licenses of 4,173 Bureau De Change (BDC) operators due to their non-compliance with regulatory guidelines. The announcement, made by the acting Director of Corporate Communications, Sidi Hakama, revealed that this move reduces the number of operational BDCs from the initial 5,690 to 1,517.
Aminu Gwadabe, the President of the Association of Bureau De Change of Nigeria, declined to comment on the development, citing a commitment to prayer. Subsequent attempts to reach him were unsuccessful.
The CBN justified the license revocation under the powers granted by the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015. The affected BDCs allegedly failed to adhere to regulatory provisions, including the timely payment of fees, license renewal, and compliance with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing regulations.
The CBN is in the process of revising regulatory and supervisory guidelines for BDC operations, with compliance becoming mandatory once the revised guidelines take effect. The list of affected BDC operators is available on the CBN’s website.
This move follows the recent introduction of draft guidelines for BDC operations across Nigeria. Key provisions include a minimum share capital requirement of N2 billion for Tier-1 BDCs, restrictions on cash transactions by BDCs to $500, and a $10,000 annual limit for school fees transactions.
In response to the development, Dr. Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise, applauded the decision, stating that it is a necessary move to regulate the sector effectively. He emphasized that the previous number of BDCs was challenging to manage.
As the CBN takes these regulatory steps, members of the public are advised to stay informed and take note of the evolving guidelines in the BDC sector.
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Source: Bushradiogist
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