BDCs kick against forex speculators

The Central Bank of Nigeria (CBN)-licenced Bureaux De Change (BDC) operators have said they will tackle foreign exchange speculators and black market dealers distorting the naira exchange rate.

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 event was held simultaneously in Lagos, Abuja, Kano, Onitsha, Benin, among others, and attended by over 5,000 BDCs.

He said the sensitization programme will upscale BDCs’ compliance with the

Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

“Please, now is the time to support the CBN to achieve a 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.”

“Be vigilant in your operations because you can be spotchecked 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 global best practices. Also, avoid sending your returns late, selling dollars above CBN approved rate,” he advised.