2013-09-30 | FPR/DIR/CIR/GEN/03/006

To All Authorized Delears,Bureaux De Change and General Public

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 20 Bureaux De Change due to their failure to render returns on foreign exchange purchases and provide documentary evidence for eligible transactions as required by relevant laws and regulations. The CBN found that these BDCs purchased unusually large amounts of foreign exchange without proper documentation. As a result, the EFCC has been requested to investigate the matter for possible prosecution. This decision reflects the Nigerian government's commitment to combating money laundering and the CBN's strict enforcement of regulatory standards.

Nigeria

Central Bank of Nigeria

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