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In spite of the Central Bank of Nigeria (CBN) warning that forex speculators and hoarders will be punished, speculators have continued to stash dollars as naira continues on a free fall. Checks at the parallel market on Tuesday showed that the naira exchanged at N485/$1. The naira also traded N410/ $1 at the I&E Forex […]
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The Bureaux De Change (BDC) operators licensed by the Central Bank of Nigeria (CBN) have declared operational war against foreign exchange (forex) speculators and black market dealers over alleged market distortions.
Speaking during a virtual meeting with members of the Association of Bureaux De Change Operators of Nigeria (ABCON) across all the six geo-political zones in Nigeria, ABCON President, Alhaji (Dr) Aminu Gwadabe, said the BDCs will not allow forex speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.
The ABCON boss, who spoke on the theme: “ABCON Sensitisation Against Volatility in the Exchange Rate”, attended by over 5,000 BDCs, said the sensitization programme will upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).