Nigeria's Central Bank revoked licenses of 4,173 BDC operators for regulatory non-compliance.
Nigeria's Central Bank (CBN) revoked the licenses of 4,173 Bureaux de Change (BDC) operators for failing to observe regulatory provisions. The CBN, in a statement by its Acting Director, Corporate Communications, Sidi Ali Hakama, said the affected BDCs had failed to observe at least one of the regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines, as well as their inability to render returns in line with the operational guidelines. The BDCs also failed to comply with guidelines, directives, and circulars of the apex bank.
March 01, 2024
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