The Central Bank of Nigeria (CBN) has announced the revocation of licences for more than 4,000 Bureau De Change operators due to violations of operational regulations. Sidi Ali Hakama, spokesperson for CBN, disclosed in a statement on Friday that the apex bank has revoked the licences of 4,173 Bureaux De Change Operators.

The CBN cited non-compliance with its regulations as the reason for the revocation. These regulations include timely payment of all required fees, adherence to guidelines for licence renewal, submission of returns as per guidelines, and compliance with directives and circulars, particularly those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

This action by the CBN comes amid a challenging economic situation, marked by a decline in the value of the Nigerian naira in international markets. Recent efforts by federal authorities to address this downturn have included crackdowns on Bureau De Change operators to mitigate the currency's depreciation.

Additionally, the Nigerian government has taken steps to block cryptocurrency platforms like Binance, alleging their involvement in currency speculation and manipulation. Notably, two officials of Binance, who were invited to the country by the Tinubu-led government, were detained on Thursday.