By Babajide Komolafe

The Central Bank of Nigeria (CBN) has listed the various documentation requirements expected from bureaux de changes (BDCs) in the country.

The CBN said that BDCs are expected to keep documentation and render returns on: Statement of Assets and Liabilities; statement of profit and loss account. The documents also include Foreign exchange purchases and utilisation.

Speaking at a workshop organised by the apex bank for BDCs on returns rendition and adequate documentation, Deputy Director, Other Financial Institutions Supervision department (OIFSD), Mr. Yemi Bedu said, “This workshop is been organised to get the BDCs operators to understand the expectations of the CBN from them, in terms of rendering their returns, in terms of operating their business.”

“All BDCs are required to maintain adequate accounting and other records of its transactions, render the statutory returns, renew their annual license within the stipulated period, put in place the necessary anti-money laundering policies and procedures in place”, he said

Bedu who represented the Director of OFISD, said further, “The bank had observed that operators have difficulties adhering to the rules and requirement of the CBN. And we at our end recognise that these difficulties might be due to inability to understanding what is required of them.

“So this workshop has been put in place to build capacity to have better understanding of what is required from you. Also to facilitate understanding of the relationship between the various departments in CBN that BDC reports to”, he said.

The workshop was held in Abuja, Calabar and Lagos and it featured presentations by the three department of the CBN namely OFISD, Trade and Exchange Department (TED) and Financial Policy and Regulation Department (FPRD).