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Nigeria revokes licences of thousands of exchange bureaus for non-compliance

March 4, 2024
Nigeria revokes licences of thousands of exchange bureaus for non-compliance

's central bank has announced the revocation of licences for 4,173 exchange bureaus due to non-compliance with regulatory guidelines and directives. The central bank cited failure to submit transaction returns and pay renewal fees on time as reasons for the revocations.

The central bank recently resumed sales to exchange bureaus but implemented new guidelines, including banning street-trading of foreign exchange and raising minimum capital requirements to 2 billion naira ($1.3 million). These measures are part of broader reforms aimed at addressing chronic foreign exchange shortages in Nigeria.

According to (CBN) spokesperson Hakama Sidi Ali, the affected exchange bureaus also failed to comply with anti-money laundering and terrorism finance regulations. The CBN is revising regulatory and supervisory guidelines for Bureau de Change operators, with compliance becoming mandatory for all stakeholders once the revised guidelines take effect.

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