The Central Bank of Nigeria on Friday revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines.

The apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama.This means there will now be 1,517 operational BDCs from the initial 5,690.

However, the President, Association of Bureau De Change of Nigeria, Aminu Gwadabe, when contacted for comments on the development, told one of our correspondents that he wanted to pray at some minutes before 8pm.

In the CBN statement, Hakama said the licence withdrawal was in exercise of the powers conferred on the apex bank by the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015.

The statement read in part, “The Central Bank of Nigeria, in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015, has revoked the licences of 4,173 Bureaux De Change Operators.

March 2, 2024

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