{"id":5074,"date":"2014-02-28T16:03:39","date_gmt":"2014-02-28T15:03:39","guid":{"rendered":"http:\/\/newmail-ng.com\/new\/?p=5074"},"modified":"2014-02-28T16:03:39","modified_gmt":"2014-02-28T15:03:39","slug":"cbn-revokes-licence-101-bdcs","status":"publish","type":"post","link":"https:\/\/newmail-ng.com\/cbn-revokes-licence-101-bdcs\/","title":{"rendered":"CBN revokes licence of 101 BDCs"},"content":{"rendered":"<p>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.<\/p>\n<p>The CBN, in a circular released at the weekend, said that the revoked BDCs had inadequate documentations on huge foreign exchange purchased from banks.<\/p>\n<p>The CBN in the circular said that the BDCs were unable to provide satisfactory evidence of the purchase and utilisation of autonomous foreign exchange.<\/p>\n<p>Isaac Okoroafor, CBN spokesperson, said that \u201cThe BDCs were involved in money laundering and failure to provide adequate records and documentation of huge autonomous foreign exchange purchased from banks,\u201d Okoroafor said.<\/p>\n<p>Seventeen other BDCs were fined N34 million or N2 million each for infractions of the BDC guidelines.<\/p>\n<p>CBN said that those fined had satisfactory evidence of the purchase\/ utilisation of autonomous foreign exchange, but had other infractions of the guidelines.<\/p>\n<p>The CBN had in September 2013, revoked the licenses of 20 BDCs over foreign exchange malpractices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 at the weekend, said that the revoked BDCs had inadequate documentations on huge foreign exchange purchased from banks. The CBN in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5075,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[641,101,100,456],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBN revokes licence of 101 BDCs | New Mail Nigeria<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmail-ng.com\/cbn-revokes-licence-101-bdcs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN revokes licence of 101 BDCs | New Mail Nigeria\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmail-ng.com\/cbn-revokes-licence-101-bdcs\/\" \/>\n<meta property=\"og:site_name\" content=\"New Mail Nigeria\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pages\/NewMailNG\/156576314503603\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-28T15:03:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2014\/02\/cbn.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Semiu Salami\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:site\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semiu Salami\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newmail-ng.com\/cbn-revokes-licence-101-bdcs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmail-ng.com\/cbn-revokes-licence-101-bdcs\/\"},\"author\":{\"name\":\"Semiu Salami\",\"@id\":\"https:\/\/newmail-ng.com\/#\/schema\/person\/e85a85955414bf9ac19c6085145fb6eb\"},\"headline\":\"CBN revokes licence of 101 BDCs\",\"datePublished\":\"2014-02-28T15:03:39+00:00\",\"dateModified\":\"2014-02-28T15:03:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmail-ng.com\/cbn-revokes-licence-101-bdcs\/\"},\"wordCount\":164,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/newmail-ng.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmail-ng.com\/cbn-revokes-licence-101-bdcs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2014\/02\/cbn.png\",\"keywords\":[\"Bureaux de Change\",\"CBN\",\"Central Bank of Nigeria\",\"foreign exchange\"],\"articleSection\":[\"Business &amp; 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