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BDCs battle black market dealers over forex malpractices

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CBN investigates 55 companies over foreign exchange infractions

MONEY MARKET

By Peter Egwuatu

 

The Bureaux De Change (BDC) operators licensed by the Central Bank of Nigeria (CBN) have declared operational war against foreign exchange (forex) speculators and black market dealers over alleged market distortions.

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 will 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”, attended by over 5,000 BDCs, said the sensitization programme will upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

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Directing the ABCON members on operating strategy, Gwadabe stated: “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.

Vanguard News Nigeria

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