Tag: BDC Operators

CBN waives non-refundable license renewal fee for BDCs

Aminu Imam
CBN approves waiver

The Central Bank of Nigeria, (CBN), yesterday announced that it has approved the waiver of non refundable annual license renewal fees for existing Bureaux-De-Change (BDCs) in the country. The apex bank disclosed this in a circular to all BDC operators and stakeholders in the financial services industry. The circular, signed by the Bank’s Acting Director, Financial Policy and Regulations Department, John Onojah, stated: “This is to inform all existing bureaux-de-change that, further to the Regulatory and Supervisory Guidelines for Bureau-De-Change Operations in Nigeria, 2024, and the ongoing transition to the…

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CBN withdraws licences of BDCs, orders fresh applications

Aminu Imam
CBN on BDCs

The Central Bank of Nigeria, (CBN), has announced the withdrawal of the licences of existing bureau de change operators. In a new guidelines released by the apex bank on Wednesday, the apex bank directed the affected operators to reapply for fresh licences. According to the new guidelines, signed by the apex bank’s Director of the Financial Policy and Regulation department, Haruna Mustafa, All existing BDCs shall re-apply for a new licence according to any of the tiers or licence category of their choice, as provided in the guidelines. The apex…

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FG names Tukur Mamu, 14 others, BDCs as terrorism financiers

Aminu Imam

…Plans sanctions The Federal Government has reportedly listed Kaduna-based publisher, Tukur Mamu, and 14 others, including some Bureau-De-Changes, (BDCs) as terrorism financiers. The Nigerian Financial Intelligence Unit, (NFIU), reportedly listed the identity of the 15 entities, including nine individuals and six BDC operators and firms. The NFIU documents showed that the Nigeria Sanctions Committee met on March 18, 2024, and specific individuals and entities were recommended for sanction following their involvement in terrorism financing. The Attorney-General of the Federation, with the approval of the President, has thereupon designated the following…

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Forex Crisis: CBN revokes operational licenses of 4,173 BDCs

Aminu Imam

The Central Bank of Nigeria, (CBN), has revoked the licenses of 4,173 Bureaux De Change (BDC) operators. According to the apex bank, in an issued statement by the Acting Director, Corporate Communications, Sidi Ali Hakama, the affected institutions failed to observe regulatory provisions. These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines; rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing…

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“Clampdown on BDC operators will worsen FX situation” – Peter Obi

Aminu Imam

Former Anambra State Governor, Peter Obi, has criticised the reported crackdown on Bureau De-Change (BDC) operators by government agencies, stating that it is misguided. Obis remarks come four days after the Economic and Financial Crimes Commission (EFCC) conducted raids against illegal BDC operators in parts of the country on Wednesday. Obi, expressing his views on X, argued that this action would exacerbate the countrys exchange rate challenges without providing a solution. The 2023 presidential candidate of the Labour Party (LP), emphasised that BDCs are not the main contributors to the…

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CAC threatens mass delisting of BDC operators, non-compliant firms, others Dec. 1

Aminu Imam

The Corporate Affairs Commission (CAC) has warned that companies that fail to comply with regulations risk being removed from its register by December 1st, 2023. In a video statement issued on Friday, CAC Registrar-General, Hussaini Ishaq Magaji (SAN), said license holders like travel agents, miners, and Bureau de-Change (BDC) operators face losing their licenses if delisted. Magaji said companies found wanting in CAC data verification exercises would have their names struck off. This would invalidate internal and external operating licenses tied to CAC registration.  The Registrar-General encouraged defaulting entities to…

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CBN should abolish official exchange rate BDC operators

Aminu Imam

The Central Bank of Nigeria (CBN) should float the naira to halt its further depreciation, the President of the Association of Bureaux Des Change (BDC) Operators of Nigeria (ABCON), Aminu Gwadabe, has warned. Gwadabe, who made the appeal at the weekend in an interview with newsmen in Lagos, said the CBN should do all within its powers to undertake a sustained injection of the US dollar in the market in order to reverse the loss in the value of the naira at the parallel market. The Naira has been on…

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Forex: Bureau De Change operators urge CBN to lift ban

Aminu Imam

The Association of Bureaux De Change Operators of Nigeria, (ABCON), has urged the Central Bank of Nigeria, (CBN), to reconsider the ban to allow BDC operators receive Diaspora remittances in 2022. This was disclosed in a statement released at the weekend, signed by ABCON President, Alhaji (Dr.) Aminu Gwadabe. According to him, the BDC industrys yearly transaction volume of over N1 trillion is in jeopardy, while enormous capital investment in the sector is becoming obsolete, eroding, and winding down. Gwadabe suggested that, just as the CBN de-risked the agricultural sector,…

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Banks warn customers against violation of CBN forex directives

Aminu Imam

The Central Bank of Nigeria, (CBN), has announced that it will inject extra dollars into approved banks in order to increase the economys foreign exchange (forex) supply. According to senior CBN officials, the apex bank can handle all valid transactions channelled through banks. The black (parallel) market accounted for less than 1% of forex transactions, according to the officials, and should never be utilised to decide Nigerias dollar exchange rate. The apex bank met with Ministries, Departments and Agencies, (MDAs), including airline operators, to discuss stopping the collection of foreign…

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CBN stops selling forex to Bureaux-de-Changes operators

Aminu Imam

Retains lending interest rate at 11.5% The Central Bank of Nigeria (CBN) has announced the stoppage of the sale of foreign exchange to Bureaux-de-Changes, (BDCs), accusing international bodies operating in Nigeria of sabotage. The CBN governor, Godwin Emefiele, who disclosed this yesterday, shortly after the Monetary Policy Committee (MPC) meeting, accused BDCs of deliberate economic sabotage and misusing the weekly $20,000 allocation to them. He also said CBN will no longer renew licences of BDCs. The apex bank also accused international agencies and embassies operating in Nigeria of illegally patronising…

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