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JUST IN: CBN Revokes Licenses Of 4,173 BDCs Amid Forex Crisis
JUST IN: CBN Revokes Licenses Of 4,173 BDCs Amid Forex Crisis....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
In a significant move amidst the ongoing forex crisis, the Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators (BDCs). READ THE FULL ARTICLE HERE
According to the apex bank, the decision to revoke the licenses was due to the failure of these institutions to adhere to regulatory provisions. These include the timely payment of all necessary fees, including license renewal fees, as well as the proper rendition of returns in accordance with guidelines. Additionally, non-compliance with directives related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations was cited as a reason for the revocation.
The announcement was made in a statement by Sidi Ali Hakama, the Acting Director of Corporate Communications at the CBN. The bank clarified that this action is taken in accordance with the powers vested in 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 CBN also stated that the list of affected BDC operators is available on its website. Moreover, it emphasized its commitment to 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, the CBN added
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