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Breaking: CBN Revokes Operational Licenses Of 4,173 BDCs Operators For Non Compliance

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The Central Bank of Nigeria (CBN), on Friday revoked the operational licenses of 4,173 Bureaux De Change Operators.

This is contained in a statement signed by Sidi Ali, Hakama, Ag. Director, Corporate Communications, that the affected BDCs operators failed to observe at least one of the following regulatory provisions which includes: “Payment of all necessary fees which includes licensing renewal within the stipulated period in line with the Guidelines, rendition of returns in line with the guidelines and compliance with guidelines, directives and circulars of the CBN, particularly on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The statement added that the apex is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It added that “compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

Members of the public are hereby advised to take note and be guided accordingly.”

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