4, 000 BDC lose license in Nigeria as apex bank registers others

Central Bank of Nigeria, CBN, on Friday stripped 4, 173 bureau de changes of their operational licenses, it has been learnt.

CBN took the decision citing the country’s Bank and Other Financial Institutions Act, BOFIA, 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.

The affected BDC operators failed to comply with various regulatory provisions such as timely payment of fees, submission of required reports, and adherence to CBN directives related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

The country’s apex bank made the list of affected BDC operators available on its website.

Additionally, the CBN is in the process of revising the regulatory and supervisory guidelines for Bureaux De Change operations in Nigeria.

“Once the revised guidelines come into effect, all stakeholders in the sector will be required to comply with the new requirements,” CBN said in a signed statement.

Meanwhile, CBN has also released names of new BDCs licensed to operate in the country. Observers say the names of the new money firms stirs curiosity.

Some unusual names of CBN-approved BDC operators

1. CCTV BDC LTD
2. Chelsea BDC LTD
3. Couple BDC LTD
4. Cream BDC LTD
5. Cruising BDC LTD
6. Day by day BDC LTD
7. Deadlist BDC LTD
8. Decorum BDC LTD
9. Deep Freezer BDC LTD
10. Divine Focus BDC LTD
11. Ephesians-three-twenty BDC LTD
12. Four to five BDC LTD
13. Fourteen February BDC LTD
14. Fullmoon BDC LTD
15. Go-well BDC LTD
16. Gucci BDC LTD
17. Happy Ends LTD
18. His grace BDC LTD
19. Home alone BDC LTD
20. Honeymoon BDC LTD
21. Hourglass BDC LTD
22. In to in BDC LTD
23. JJC BDC LTD
24. Looking and seeing BDC LTD
25. Lovers BDC LTD
26. Pros and Cons BDC LTD
27. Rice and Beans BDC LTD
28. Select and Pay BDC LTD
29. Set up BDC LTD
30. SIX Six Six BDC LTD
31. Slow Down BDC LTD
32. You and Me BDC LTD
33. Young Free $ Single BDC LTD
34. Zero to Ten BDC LTD
35. 10-20 Times BDC LTD

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