• About
  • Advertise
  • Contact
Wednesday, September 17, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

CBN Revokes Operating Licenses Of 4,173 BDCs

Vital News by Vital News
March 2, 2024
in Economy
0
CBN Sacks Boards, Management Of  Titan Trust Bank, Keystone Bank, Union Bank, Polaris Bank
Share on FacebookShare on Twitter

The Central Bank of Nigeria (CBN) has revoked the operating licences of 4,173 Bureaux De Change operators in the country.

The bank disclosed this Friday through a statement signed by the acting Director, Corporate Communication, Sidi Hakama.

The bank said the affected institutions failed to pay licence renewal fee, 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.

RelatedStories

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote

Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair

Mrs Tinubu Launches N25mln Women Empowerment Programme In Kogi

Tax ID Mandatory Only For Taxable Persons In Trades, Businesses For Income Generation – FG

The apex bank released the full list of the affected BDCs Friday.

The bank recently revised Regulatory and Supervisory Guidelines for BDCs operations in Nigeria, according to the powers conferred to the central bank under Section 56 of the Banks and Other Financial Institutions Act, 2020 (BOFIA).

In the guidelines, the bank categorised BDCs into Tier 1 & Tier 2.

Tier 1 BDCs authorised at the national level are permitted to establish branches and appoint franchisees, subject to CBN approval.

These franchisees are required to adhere to the branding of their overseeing Tier 1 BDCs. However, Tier 2 BDCs, limited to operating within one state, are allowed up to three locations but are not permitted to appoint franchisees.

In line with the revised guideline, Tier 1 BDC operators are now mandated to deposit a cautionary sum of N200 million.

The application fee and licensing fee have been adjusted to N1 million and N5 million respectively, with an annual renewal fee of N5 million.

For Tier 2 BDC operators, the caution deposit now stands at N50 million.

The application fee and licensing fee have been modified to N250,000 and N2 million respectively, with an annual renewal fee of N1 million.

The bank also mandates that a minimum of 75 per cent of any foreign currency sale conducted by a BDC must be electronically transferred to the customer’s Nigerian domiciliary account or prepaid card.

The updated guidelines, building upon the existing conditions, specify that BDC operators who utilise unauthorized accounts for their transactions will face license revocation.

Similarly, BDCs that surpass designated foreign exchange limits and neglect to obtain the necessary transaction documentation will also be subject to the same penalty of license revocation.
(vitalnewsngr.com)

 

Tags: BDCsCBNlicenserevoke
Previous Post

Tinubu Appoints 4 New Executive Directors For TCN

Next Post

BIPC Commences Full Digital Services To Meet Evolving Business Opportunities – Asemakaha

Vital News

Vital News

RelatedStories

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote
Economy

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote

September 15, 2025
Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair
Business

Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair

September 15, 2025
Mrs Tinubu Launches N25mln  Women Empowerment Programme In Kogi
Business

Mrs Tinubu Launches N25mln Women Empowerment Programme In Kogi

September 12, 2025
Tax ID Mandatory Only For  Taxable Persons In Trades, Businesses For Income Generation – FG
Economy

Tax ID Mandatory Only For Taxable Persons In Trades, Businesses For Income Generation – FG

September 12, 2025
FCCPC Recovers N10 billion For Consumers, Resolves 9, 091 Complaints In Five Months
Economy

FCCPC Recovers N10 billion For Consumers, Resolves 9, 091 Complaints In Five Months

September 11, 2025
Next Post
BIPC Commences Full Digital Services To Meet Evolving Business Opportunities – Asemakaha

BIPC Commences Full Digital Services To Meet Evolving Business Opportunities - Asemakaha

Embrace Local Content To Create Jobs, Empower Communities, Foster Sustainable Economic Growth – Dangote To Manufacturers

Embrace Local Content To Create Jobs, Empower Communities, Foster Sustainable Economic Growth - Dangote To Manufacturers

Former Falconet Goalkeeper, Bidemi Aluko Dies After 8-yr Battle With Cancer

Former Falconet Goalkeeper, Bidemi Aluko Dies After 8-yr Battle With Cancer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

TSF Urges Obi, Supporters To Shun Emotional Blackmail, Divisive Rhetorics

FG Takes Over Tai Solarin University Of Education, Ogun Welcomes Decision

6 months ago
We Are Not Part Of Plot To Truncate Democracy – LP

Labour Party Suspends Acting Chairman, Apapa, 5 Other National Officers

2 years ago

Presidency : Tambuwal meets Kogi delegates, promises good governance

3 years ago

2023: Anglican Primate cautions politicians against sharp practices

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

NNPCL GCEO, Ojulari Calls For Stronger African Collaboration To Achieve Energy Security

President Tinubu Cuts Short Vacation Trip To France, Returns To Abuja Tomorrow, September 16

FG Approves Establishment Of Appeal Court In Abeokuta, Abiodun Assures Judicial Officers Of Support

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote

Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair

Kogi, Hunan Partnership Agreement Implementation Commences With Agric Exchange Programme

Trending

President Tinubu  Returns To Abuja
National

President Tinubu Returns To Abuja

by Vital News
September 16, 2025
0

President Bola Ahmed Tinubu on Tuesday evening arrived Abuja from Paris, ending his working vacation. He was...

Anti-graft Group, YPU, Decries Disrepair State Of Hospitals, Roads In Yobe In spite Alleged Release Of N1 trillion

Anti-graft Group, YPU, Decries Disrepair State Of Hospitals, Roads In Yobe In spite Alleged Release Of N1 trillion

September 16, 2025
Dangote Denies Ownership Of Truck Involved In Enugu Accident

Your Allegation Of Cheaper Petrol Sales In Togo Misleading, Inaccurate – Dangote Refinery To DAPPMAN

September 16, 2025
NNPCL GCEO, Ojulari Calls For Stronger African Collaboration To Achieve Energy Security

NNPCL GCEO, Ojulari Calls For Stronger African Collaboration To Achieve Energy Security

September 16, 2025
President Tinubu Cuts Short Vacation Trip To France, Returns To Abuja Tomorrow, September 16

President Tinubu Cuts Short Vacation Trip To France, Returns To Abuja Tomorrow, September 16

September 15, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • President Tinubu Returns To Abuja September 16, 2025
  • Anti-graft Group, YPU, Decries Disrepair State Of Hospitals, Roads In Yobe In spite Alleged Release Of N1 trillion September 16, 2025
  • Your Allegation Of Cheaper Petrol Sales In Togo Misleading, Inaccurate – Dangote Refinery To DAPPMAN September 16, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In