CBN had nullified 4,173 exchange bureaus that disobeyed its guidelines and directives. The Apex bank came out on Friday to reveal why the listed BDCs operators have their licenses withdrawn. The listed BDCs operators failed to adhere to one out these three guidelines;
- Payment of necessary fees within the stipulated time.
- Rendition of returns in line with the guidelines.
Recall the CBN prohibited dollar sales on the street and has also set 2 billion naira as the minimum capital level for BDCs operators in its new guidelines put out on the 23rd of February.
The guidelines and regulations released are aimed at curbing and tackling the foreign exchange crisis in the country.
Hakama Sidi Ali, spokesperson of the Central Bank said the affected BDCs operators’ licenses were also withdrawn for violating the anti-money laundering and terrorism finance regulations.
She also said all stakeholders must obey the regulatory and supervisory guidelines when the newly revised guidelines become effective.
“The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operators.
Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective,”
Sidi Ali said
