After a week of sustained raids, the operations of Bureau De Change (BDCs) will resume nationwide today (Tuesday), it has been learnt.
After a week of sustained raids, the operations of Bureau De Change (BDCs) will resume nationwide today (Tuesday), it has been learnt.
Many BDCs had suspended operation last week after the raid by the security agencies comprising the Economic and Financial Crimes Commission (EFCC) and the police, among others.
The National Security Adviser (NSA), Mal. Nuhu Ribadu, had set up a task force to end issues of currency speculation.
Ribadu spoke through Zakari Mijinyawa, the head of strategic communications in the Office of the National Security Adviser, saying the office had to wade in at this point because some individuals and organisations had continued to undermine proactive measures of the CBN to stabilise the foreign exchange market and stimulate economic activities.
This was why the security agencies raided Bureau de Change hubs in Lagos, Kano and Abuja, the nation’s capital, during which many BDC operators were arrested.
The development had sent away many street BDC operators on Allen Avenue, Sabo Yaba, Eko Hotel and many hubs in Lagos as was observed yesterday.
New draft regulations will require amongst others that sellers of $10,000 and above to BDCs will have to declare the source of the foreign currency.
Also, for payments to customers for cash purchases of foreign currency, the equivalent of above USD500, shall be by transfer to the customer’s naira bank account.
If the customer is non-resident (whether Nigerian or not), a BDC shall issue the customer a prepaid NGN card.
