The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change (BDC) operators, citing non-compliance with regulatory requirements.

The CBN announced the action in a statement issued today, stating that the affected institutions failed to meet various regulatory provisions, including; license 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 , Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.

Among those affected are 3D scanner BDC limited, Aberdeen BDC, Abdeco BDC, Abiding will BDC LTD, Abihali bureau de Change Ltd and others.

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The CBN says it is currently revising the regulatory and supervisory guidelines for BDC operations in Nigeria. These revised guidelines will be mandatory for all BDCs once they come into effect.

The CBN advises the public to be aware of this development and to conduct business only with licensed BDC operators.

Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..

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