BDCs kick against forex speculators, black marketers


The Central Bank of Nigeria (CBN)-licensed Bureaux De Change (BDC) operators have declared operational war against foreign exchange speculators and black market dealers distorting naira exchange rate against the dollar and other global currencies.

Speaking during a virtual meeting with members of the Association of Bureaux De Change Operators of Nigeria (ABCON) across all the six geo-political zones in Nigeria, ABCON President, Alhaji (Dr) Aminu Gwadabe, said the BDCs would not allow forex speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.

The ABCON boss, who spoke on the theme: “ABCON Sensitisation Against Volatility in the Exchange Rate”, with the event held simultaneously in Lagos, Abuja, Kano, Onitsha, Benin, among others, and attended by over 5,000 BDCs, said licensed BDCs will continue to defend the naira through regulatory compliance and constantly supporting the CBN to achieve stable exchange rate and attract forex into the economy.

He said the sensitisation programme will upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

Gwadabe said: “ Please, now is the time to support the CBN to achieve stable exchange rate. Do not allow forex speculators, street hawkers to take over our business. Constantly comply with CBN’s regulations on rendition of returns and corporate governance practices because aside helping in stabilizing the naira, the CBN examiners can visit your offices and defaulting members will be sanctioned”.

According to him, members can be spot-checked by the CBN examiners at anytime and should therefore put in necessary measures to align with the regulatory policies.

“Be vigilant in your operations because you can be spot-checked by the CBN examiners at any time. All BDCs should appoint Compliance Officers and Data Protection Officers as directed by the CBN which is also in-line with the global best practices. Also, avoid sending your returns late, selling dollar above CBN approved rate,” he advised.

Gwadabe said that by following set rules, the operators will set a good example in their operational modalities and make forex buyers lose confidence in black market dealers.

He said every BDC operator needs full knowledge and understanding of how to raise and submit both the Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) to regulators, understand  the obligation of registering and filling reports on the NFIU goAML -Anti-Money Laundering portal and proper documentation of all forex sales.

He said all BDCs should file their  reports as and at when due on weekly basis to Nigerian Financial Intelligence Unit, and CBN and also Economic and Financial Crimes Commission as well as Know Your Customer (KYC) and due diligence reports. 

He recalled that the digitisation of BDCs operations, remained a priority for the ABCON management.


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