FG To Formalise New Law On Operations Of BDcs

[Shola Sholaz]

The Nigeria Financial Intelligent Unit (NFIU) and the Central Bank of Nigeria (CBN) will soon formalise a legal framework to effectively monitor operations of Bureau de Change (BDCs).
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A source in NFIU, an arm of the Economic and Financial Crimes Commission (EFCC), disclosed this to the News Agency of Nigeria (NAN) on Friday in Lagos.
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The source said that the new policy framework would help to stop gross abuses in foreign exchange trading in Nigeria. The source said that the nation's business environment was not encouraging immediate implementation of the new NFIU/CBN legal framework to combat financial crimes.
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It will be recalls that the CBN, on Nov. 3, 2010, announced the withdrawal of the licences of all Class'A' BDCs with effect from Nov. 8, 2010. The apex bank then said that the withdrawal was part of its measure to stem gross abuses in the foreign exchange market.
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The CBN also said that the move was in line with its avowed commitment to eradicate money laundering. The apex bank pegged the maximum amount of foreign exchange cash purchase to BDCs per week at 50 000 dollars with effect from July 9, 2012.