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CBN revokes operational licenses of 4,173 in Nigeria

CBN revokes operational licenses of 4,173 in Nigeria
The Central Bank of Nigeria has withdrawn the operational licenses of 4,173 Bureaux De Change Operating across Nigeria.
The Bank in a statement issued and signed by its Acting Corporate Communication, Sidi Ali Hakama, said the decision was in compliance with the exercise of the power confered  on Apex bank under the Banks and other financial institutions Act (BOFIA) 2020 Act No 5, and the revised Operational Guidelines for Bureaux De Change 2015.
According to the statement, the affected Bureaux De Change failed to comply with at least one of the following regulatory provisions:
Payment of all necessary fees, including licence renewal within the stipulated period in line with the guidelines.
Rendition of returns in line with the guidelines
Compliance with guidelines, directives and circulars of the CBN particularly, anti-money laundering, countering the financing of Terrorism and counter proliferation financing regulations.
The Apex bank stated that it is revising the regulatory and supervisory guidelines for the Bureau De Change operations in Nigeria.
The Central Bank of Nigeria urged members of the public to take note of this decision and be guided accordingly.

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