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CBN Governor Justifies Revocation of 236 Bureaux De Change Licenses

Business News — As reactions continue to trail the recent revocation of the operating licenses of the 236 Bureaux De Change (BDC) operating across the country, the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi has explained that the revocation became necessary because the affected BDCs fell short of the minimum operational standards.

$11bn Cash Taken Abroad Through Nigerian Airports — Sanusi

 

 

 

 

 

 

 

Sanusi made the revelation while briefing the press at the end of the Monetary Policy Meeting (MPC) in Abuja recently.
According to Sanusi, most of the affected BDCs are in shortfalls of the regulatory requirements such as mandatory deposit payment and they are involved in cash sales to those who have no intention to use the money outside the shore of the country as required.

According to him, “We want those that purchase dollar to use it for transaction outside the Nigerian shore”.
The CBN boss however, stated that each of the affected institutions has cases to answer that are peculiar to them and they know reasons why their operating licenses were revoked.
As a backdrop of this, he said that the CBN is working on a holistic policy that would guide the operation of BDCs in the country.
The MPC which were attended by 8 out of 10 members reiterated the commitment of the apex bank to the seeking alternatives means before introducing the electronic system of transaction in the economy to avoid its harsh effect to the masses, thus, partnering with companies concerned to ensure and encourage the use of debit cards in their various transactions.
Topping the list are the likes of Afrinvest BDC, and FBN BDC. Other BDCs affected includes; ALLSTATES BDC, Bojedor Bureau de change Limited, BTS Securities Limited (BDC), Chik Finance & Securities Limited, Compass Investment & Finance Limited, Consolidated Financial Services Limited (BDC), STB BDC and Safe Link Finance Company Limited among others.
It would be recalled that CBN announced the revocation of licenses of 236 Bureaux De Change (BDCs) operating across the country last week, but did not state the reasons for the action.-Vanguard

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