The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank
and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational
Guidelines for Bureaux De Change 2015, has revoked the licenses of 4,173 Bureaux De Change Operators (BDC).
According to CBN, the affected institutions failed to observe at least one of the following regulatory provisions:
a. Payment of all necessary fees, including licence renewal, within the stipulated
period in line with the Guidelines.
b. Rendition of returns in line with the Guidelines.
c. Compliance with guidelines, directives and circulars of the CBN, particularly
Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
The CBN is 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 when the revised guidelines become effective.
Members of the public are hereby advised to take note and be guided accordingly.
CBN statement was signed by
Sidi Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications
