The Central Financial institution of Nigeria (CBN) has granted closing licences to 82 Bureaux De Change (BDCs) to function with impact from Nov. 27.
An announcement issued in Abuja on Monday by Mrs Hakama Sidi-Ali, CBN’s Appearing Director, Company Communications Division, acknowledged that the train was in keeping with its powers conferred beneath the Financial institution and Different Monetary Establishments Act (BOFIA) 2020.
In response to Sidi-Ali, additionally it is an enforcement of the Regulatory and Supervisory Tips for BDC Operations in Nigeria 2024.
“By this discover, solely BDCs listed on the Financial institution’s web site are authorised to
function from the efficient date.
“The CBN will proceed to replace the checklist of BDCs with legitimate working licences for public verification on our web site (www.cbn.gov.ng).
“The Financial institution advises most people to keep away from coping with unlicensed international change operators,” she stated.
She stated that working a BDC enterprise with no legitimate licence was a punishable offence beneath Part 57(1) of the BOFIA 2020.
She suggested members of the general public to notice and be guided accordingly.
The Information Company of Nigeria (NAN) recollects that at one level there have been about 5,690 BDCs working throughout Nigeria.
However on March 1, 2024, the CBN revoked the licences of 4,173 BDC operators for regulatory non-compliance. After that revocation, the variety of licensed BDCs dropped to round 1,517. (NAN)
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