February 29, 2024
CBN Hammer Dangles Over Erring BDCs For Illegal Transactions
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CBN Hammer Dangles Over Erring BDCs For Illegal Transactions

The Central Bank of Nigeria (CBN) will soon clampdown on erring Bureau De Change (BDC) operators for illegal transactions.

Already the apex bank has concluded an investigation of one of the BDCs, called Crown Agent and will soon take action on it.

The national President of Association of Bureau De Change Operators of Nigeria (ABCON)  Aminu Gwadabe said ABCON as a custodian of regulation will continue to support measures on reforms and standardisation of its members operational procedures.

He said over the years his members nationwide have embraced the digitisation of their office activities from manual to automation.

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According to him the Association as a self-regulatory organization is collaborating with the regulators and the security agencies on awareness of money laundering and terrorism financing vulnerabilities and threats with a view on how to mitigate the vulnerabilities.

The CBN in July 2023 updated the number of BDCs operating in the country, confirming 5,687 operating licenses. Gwadabe said the CBN was updating their BDCs register based on compliance criteria in obligations of BDCs return renditions and annual fees payments.

The number of BDC operators in Nigeria has risen by more than 75-fold in 18 years, from 74 in 2005 to 5,687 in 2023, data from the CBN revealed.

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