Nigeria, March 1 -- The Central Bank of Nigeria (CBN) has revoked the operational licences of 4,173 Bureaux De Change operators in the country.
The bank said the affected institutions failed to pay for licence renewal, submit returns or comply with CBN directives on anti-money laundering, countering financing of terrorism, and counter proliferation financing regulations.
The CBN said it is revising the regulatory guidelines of BDCs.
The move is part of efforts to restore confidence in the nation's foreign exchange market.
More details later.
Published by HT Digital Content Services with permission from Premium Times....