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The Central Bank of Nigeria (CBN) has revoked the licence of 101 Bureaux De Change (BDC) companies for their involvement in money laundering and other financial infractions.
The CBN, in a circular released on Friday in Lagos, said the revoked BDCs had inadequate documentations on huge foreign exchange purchased from banks.
The CBN in the circular said the BDCs were unable to provide satisfactory evidence of the purchase and utilisation of autonomous foreign exchange.
CBN spokesperson, Mr. Isaac Okoroafor, in a text message, confirmed to the News Agency of Nigeria the revocation of the operating licences of 101 BDCs.
“The BDCs were involved in money laundering and failure to provide adequate records and documentation of huge autonomous foreign exchange purchased from banks,” Okorafor said.
NAN reports that 17 other BDCs were fined N34 million or two million naira each for infractions of the BDC guidelines.
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