The Central Bank of Nigeria (CBN) has announced the initiation of mystery shopping exercises across bureau de change (BDC) outlets as part of its intensified effort to ensure strict adherence to anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
Bureau De Change (BDC) operators have attributed the recent crash of the naira in the foreign exchange market to the huge demand for forex due to the windfall from some contractual payments and releases by some Federal Government agencies.
Bureau De Change (BDC) operators under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) says that they are constrained from purchasing foreign exchange from the banks.
Bureau de Change (BDC) operators in Nigeria have expressed optimism about the Naira's prospects in 2025, forecasting a stronger currency buoyed by anticipated reforms in the country’s foreign exchange (forex) market.
Businesses in Nigeria say they expect the Naira to continue to depreciate in the next three months beginning from July but will begin appreciation after six months.
The Central Bank of Nigeria (CBN) plans to introduce stringent measures on the purchase of foreign currencies through Bureau De Change (BDC) operators, with a specific focus on transactions related to overseas education and medical expenses.
The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to increase the minimum capital requirement of forex traders to do business from the present N35 million to N350 million ($454,888).
Operatives of the EFCC have raided a Bureau De Change (BDC) hub at Wuse Zone 4, which is home to most of the operators in Abuja.
The underground market exposes several Nigerian citizens to a number of drawbacks, including fraud risk, violence, and theft arbitrarily.
The BDC operators have attributed the widening exchange rate disparity to acute scarcity of dollars due to the continued suspension of forex sales to BDCs.
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