THE Central Bank of Nigeria, CBN, has revoked the licence of 20 Bureaux de Change, BDC, companies for foreign exchange malpractice.
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Malam Sanusi Lamido Sanusi disclosed this at Ikoyi Club 75th Anniversary Lecture held in Lagos on Thursday.
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Sanusi, who declined to mention names of the affected BDCs said that the promoters would be charged with money laundering.
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He said the affected BDCs operators bought dollars from commercial banks without accounting for what the dollars were needed for nor purchasers of the money.
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The CBN governor said that the apex bank's investigation showed that commercial banks were importing billions of US dollars in the country for onward sale to the affected BDCs. "This week, I have revoked licence of 20 BDCs and they will be prosecuted for money laundering with the banks," Sanusi said.
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He said that Nigeria had taken over from Russia as the highest importer of U.S. dollars which led to the fall of the nation's local currency at the foreign exchange market.
Well the Central Bank of Nigeria has the right to do so and they've done that...nothing else can be done to change that now until they decide to do so!