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CBN revokes licences of 4,173 BDCs

CBN revokes licences of 4,173 BDCs
March 01
18:50 2024

The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 bureau de change (BDC) operators for failing to observe regulatory provisions.

In a statement signed by Sidi Ali, CBN’s acting director, corporate communications, on Friday, the apex bank said the BDCs failed to observe at least one of its regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“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 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators,” CBN said.

Other provisions not adhered to are rendition of returns, compliance with guidelines, directives and circulars of the CBN, especially anti-money laundering (AML), countering the financing of terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.


The apex bank said it is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

“Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective,” CBN said.

The financial regulator advised the public to take note.


Some of the affected BDCs are;

  • Mountaintop BDC LTD
  • Movement BDC
  • Pointless FOREX BDC LTD
  • Protected BDC LTD
  • Reading BDC LTD
  • Roundtable BDC LTD
  • Shares OF Time BDC LTD
  • Stop Over BDC LTD
  • Surging BDC LTD
  • Valid BDC LTD
  • Unical BDC LTD
  • Turnover BDC LTD
  • Couple BDC LTD
  • Happy Ends BDC LTD
  • Village WAY BDC LTD
  • Welcome BDC LTD
  • Oyinbo BDC LTD
  • Oyoyo BDC LTD
  • Lamshade BDC LTD
  • Internal Curry BDC LTD
  • Give And Collect BDC LTD
  • Give and Take BDC LTD

The full list of the affected BDCs can be found here.

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