By Ajibola Olaide, JKNewsMedia Reporter
THE FINAL approval of licences for 82 Bureaux De Change took effect as the Central Bank of Nigeria (CBN) confirmed that the authorisation followed the powers provided under the Bank and Other Financial Institutions Act 2020.
The confirmation formed part of a wider regulatory exercise that outlines how Bureaux De Change must operate under the updated supervisory framework released earlier this year.
A statement issued in Abuja by Hakama Sidi Ali, Acting Director of the Corporate Communications Department, explained that the action aligned with the provisions of the law and the requirements set out in the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.
She stated that only the operators listed on the Bank’s website are permitted to carry out Bureaux De Change activity from the effective date of the approval.
She added that the CBN would continue to update the list of operators with valid licences for members of the public to confirm directly on the institution’s website.
The statement cautioned the public against engaging unlicensed foreign exchange operators. Sidi Ali noted that operating a Bureaux De Change business without a valid licence constitutes a punishable offence under Section 57 subsection one of the bank and Other Financial Institutions Act 2020.
She urged the public to remain aware of the legal requirements and ensure compliance when engaging in foreign exchange transactions.
The development marks the latest step in the regulatory actions that have reshaped the Bureaux De Change landscape over the past year.
The News Agency of Nigeria (NAN) recalled that at one time the country had about five thousand six hundred and ninety licensed Bureaux De Change carrying out operations in different parts of Nigeria.
That figure changed significantly after the CBN revoked the licences of four thousand one hundred and 73 operators on March 1, 2024, for regulatory non-compliance.
Following the revocation the number of licensed operators dropped to around one thousand five hundred and seventeen.
The CBN stated that it would maintain public updates on all validly licensed Bureaux De Change as part of its ongoing oversight responsibilities; it encouraged members of the public to rely on the published list before dealing with any operator.
CBN also reiterated that only the firms identified on the official website have the approval needed to operate from the effective date of the licence issuance.
