The Central Bank of Nigeria (CBN) has revoked the operating licenses of 4,173 Bureaux De Change (BDC) operators, citing non-compliance with regulations. The CBN invoked its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015. According to Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, the affected institutions failed to comply with various regulatory provisions. These include the non-payment of necessary fees, including license renewal fees, within the stipulated period as outlined…
Read MoreCBN Revokes Licenses Of Over 4,000 Bureau De Change Operators
