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CBN warns BDCs, banks to tighten compliance on anti-money laundering, counter-terrorism regulations

Published

2 years ago

April 19, 2025

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The Central Bank of Nigeria has warned licenced Bureau De Change Operators and financial institutions in the country against violating its anti-money laundering and counter-terrorism financing framework.

The apex bank issued this warning in a circular signed by its director of compliance department, Amonia Opusunju on Thursday.

CBN vowed to impose sanctions on BDC operators who failed to adhere to its regulatory framework.

“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,” CBN said.

“Any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU).

“All BDCs are advised to ensure that their operations, staff training, transaction monitoring, and customer onboarding procedures are always fully compliant with applicable requirements,” the apex bank said.

Similarly, CBN also urged all financial institutions in Nigeria to tighten compliance with both domestic and international sanction lists, including the United Nations Consolidated Sanctions List and the Nigerian Sanctions List, in line with the Terrorism (Prevention and Prohibition) Act 2022 and others.

“Financial institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to identify and respond promptly to updates or changes across all applicable sanctions lists; prevent the use of their systems and platforms for transactions involving designated individuals or entities; conduct real-time screening of customers, transactions, and beneficial owners; and file appropriate reports with the Nigerian Financial Intelligence Unit and notify the CBN, where necessary,” the circular partly reads.

Recall that on February 27, 2024, the financial regulator approved the sale of foreign exchange (FX) to BDC operators, reversing its decision to halt FX sales to the BDCs in 2021.

Meanwhile, on February 6, 2025, the apex bank introduced new regulations limiting BDC operators to purchasing a maximum of $25,000 per week from a single bank.

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Africa’s Top Five Strongest Currencies

Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Published

2 hours ago

November 2, 2026

OCHEFA

5 Views

According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.

5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD

The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.

4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.

3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD

The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.

2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD

Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.

1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Business

Naira Exchange Rates Today, Monday November 2,2026

Published

18 hours ago

November 2, 2026

OCHEFA

24 Views

PARALLEL MARKET RATES

₦1382 DOLLAR (USD)

₦1815POUND (GBP)

₦1515EURO (EUR)

₦970DOLLAR (CAD)

₦65RAND (ZAR)

₦350DIRHAM (AED)

₦190YUAN (CNY)

₦100G.CEDI (GHS)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.26

POUND (GBP)₦1803.58

EURO (EUR)₦1503.23

SWISS FRANC (CHF)₦1634.20

JAPANESE YEN (JPN)₦8.56

CFA FRANC (XOF)₦2.28

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1821.09

CHINESE YUAN (CNY)₦202.35

SAUDI RIYAL (SAR)₦358.71

SOUTH AFRICAN RAND (ZAR)₦80.67

Business

African Energy Bank Headquarters Operation in Nigeria

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

Published

1 day ago

November 1, 2026

OCHEFA

32 Views

Pic:L-R: Sen. Heineken Lokpobiri, Hon. Minister for State Petroleum Resources (Oil), Federal Government of Nigeria, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank and Hon Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy of Côte d’Ivoire during the first General Meeting of the Africa Energy Bank in Abuja, Nigeria.

African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank (AEB).

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.

The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.

Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.