The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau de Change (BDC) operators across the country. The announcement was made in a statement released on Friday by Sidi Ali Hakama, the acting director of corporate communications at CBN. The decision comes as a result of the operators’ failure to comply with various regulatory provisions outlined by the CBN.

According to the statement, the affected BDCs failed to adhere to essential regulatory requirements, including the payment of necessary fees, timely submission of returns, and compliance with anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF) regulations.

The CBN emphasized that it is currently revising the regulatory and supervisory guidelines for BDC operations in Nigeria. It stressed that compliance with the new requirements will be mandatory for all stakeholders in the sector once the revised guidelines become effective.

Members of the public are advised to take note of this development and act accordingly.