BY MICHAEL EBOH & NKIRUKA NNOROM

Association of Bureaux De Change Operators of Nigeria, ABCON, has warned Nigerians against patronizing illegal and roadside Bureaux De Change, BDC, saying that people who patronize these illegal BDCs, risk losing their money.

According to a statement by ABCON, signed by its President, Mr. Emmanuel Balogun, licensed BDCs don’t operate on the streets but in offices known and approved by the Central Bank of Nigeria.

He said people who operate illegally in areas heavily populated by licensed BDCs are fraudsters and are not licensed by either the CBN or ABCON.

Balogun disclosed that the CBN regulation mandates BDCs to operate only in designated and recognized offices and makes it illegal for any BDCs to operate from the streets or on the roadside.

He, however, warned licensed BDC operators to ensure that no individual is allowed to loiter around their business premises.

He said, “In recent times, we have received reports of people duped by fraudsters who pose on roadsides as BDC operators.

“We want to categorically say that these fraudsters, who usually operate in areas with heavy population of licensed BDCs, are not licensed by the Central Bank of Nigeria (CBN) and ABCON.

“Licensed BDCs are mandated by CBN regulation to operate only in designated and recognised offices and they must notify the apex bank and ABCON whenever they change office location.

“Consequently before the CBN and ABCON license any BDC, their officials visit and inspect the proposed office of the BDC and ensure it has and comply with all the administrative and security measures requirement stipulated in the operating guidelines of BDCs.

“Also by extension of this requirement, it is illegal for any licensed BDC operator to operate or transact business on the streets or by the roadside.

“This requirement is mandated by the CBN in recognition of the fact that the BDC business, like every business activity is vulnerable to the activities of fraudsters, who may want dupe unsuspecting members of the public under the pretence of rendering that service.