The Central Bank of Nigeria (CBN) has sanctioned 20 Bureau De Change (BDC) operators for allegedly engaging in foreign exchange malpractices. The bank revoked their licences and urged the Economic and Financial Crimes Commission (EFCC) to investigate the allegation against them.
The CBN on Friday listed the names of the Bureau De Change as FBN BDC, Amity Global BDC Ltd., Haruna A. Rahaman BDC, Majia BDC, Ahali BDC Ltd and Lawabash BDC Ltd. Others include Bin Dahuud BDC, Garin Gabas BDC, D&D BDC, Fatahul BDC Ltd, Global Payments BDC, and Startime BDC.
Further listed are Plannet Ventures BDC Ltd and Fadima BDC Ltd., Optimum BDC Ltd, Secon BDC Ltd., Asabana BDC Ltd., Maiksal BDC Ltd and Alim BDC Ltd.
According to the CBN, the affected financial transaction firms did not render returns on their foreign exchange utilisation. The bank further alleged that the Bureau De Change operators failed to provide documentary evidence that their purchases were utilised for eligible transactions in accordance with the relevant provisions of the Money Laundering Prohibition Act.
The action against them, the CBN said, is in line with the bank’s zero tolerance for regulatory infractions. It said the anti-graft agency must prosecute the operators to serve as a deterrent to others and a proof that the government is serious about fighting corruption.
