The Central Bank of Nigeria (CBN) has issued a stern warning to licensed Bureau De Change (BDC) operators and financial institutions across the country, urging strict adherence to anti-money laundering and counter-terrorism financing regulations.
In a circular signed by Amonia Opusunju, Director of the CBN’s Compliance Department, and released on Thursday, the apex bank cautioned that any violations of its regulatory framework would attract sanctions.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; and the Regulatory and Supervisory Guidelines for Bureau de Change Operators in Nigeria, 2024,” the circular stated.
The CBN also emphasized the importance of complying with other applicable laws, regulations, and guidelines issued by both the CBN and the Nigerian Financial Intelligence Unit (NFIU). BDCs were advised to ensure that all aspects of their operations — including staff training, transaction monitoring, and customer onboarding — align with these requirements.
In a similar directive, the CBN called on all financial institutions in the country to strengthen compliance with both local and international sanctions lists, including the United Nations Consolidated Sanctions List and the Nigerian Sanctions List. These measures align with provisions under the Terrorism (Prevention and Prohibition) Act, 2022.
“Financial institutions are expected to implement a robust and dynamic sanctions compliance framework,” the CBN said. “This includes the ability to promptly identify changes to sanctions lists, prevent transactions involving designated individuals or entities, carry out real-time screening of customers and transactions, and report suspicious activity to the NFIU and notify the CBN as necessary.”
This comes after the apex bank, on February 27, 2024, resumed foreign exchange (FX) sales to BDC operators — a policy reversal from its 2021 decision to halt FX sales.
Additionally, on February 6, 2025, the CBN introduced new regulations capping weekly FX purchases by BDCs at $25,000 per bank.
