The Central Bank of Nigeria has withdrawn the licenses of Bureaux De Change, and the Corporate Affairs Commission has said that it will cancel their certificates of organization.
4,173 Bureau De Change operators had their licenses terminated by the CBN in February due to noncompliance with regulatory requirements.
Sidi Hakama, the acting director of corporate communications for CBN, stated in a statement that among the regulatory provisions broken was the failure to pay the required fees within the allotted time.
