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Enforcing Best Practices among BDCs
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Improving Flow of Diaspora Remittances
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BDCs set for market dominance, regulatory compliance
On
By Peter Egwuatu, Assistant Business Editor
The achievement of N1 trillion annual market turnover by Nigerian Bureaux De Change (BDCs) has reinforced their prime role in the economy.
Not relenting on its successes, the Association of Bureaux De Change Operators of Nigeria (ABCON) held a zoom general meeting where regulators and industry stakeholders lauded the strength of BDCs and their contributions to economic growth and exchange rate stability.
Issues around regulatory compliance was discussed with ABCON President, Alhaji (Dr) Aminu Gwadabe listing major steps taken by ABCON Management to ensure that all licensed BDCs comply with extant regulations, including regular rendition of regulatory returns.
Multiple sources informed
Daily Trust that the closely-guarded operation is being coordinated by Defence Intelligence Agency (DIA), in collaboration with the Department of State Services (DSS), Nigerian Financial Intelligence Unit (NFIU) and the Central Bank of Nigeria (CBN).
As part of the operation, billions of naira traced to businesses belonging to persons of interest have been blocked in banks in series of “post no debit” letters sent out to banks by the CBN and NFIU. The apex bank has also lately obtained court orders directing freezing of dozens of accounts flagged for suspicious transactions.
While officials expressed hope that the ongoing operation would be a “game-changer” in the lingering fight against Boko Haram insurgents and other criminal gangs, some analysts say the method may not provide the needed elixir as terrorists and bandits operate largely outside the financial system.
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Aminu Gwadabe, president of ABCON, made the call during the association’s annual meeting which held virtually, on Wednesday.
The meeting attended by representatives of CBN, National Financial Intelligence Unit (NFIU), among other stakeholders, was organised to shed light on key opportunities and challenges faced by the BDCs sub-sector.
Nigeria’s foreign exchange (FX) earnings suffered a sharp decline following the impact of COVID-19.
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This has forced the apex bank to look for alternative sources to boost the nation’s FX earnings through diaspora remittances.
In November 2020, CBN announced that
beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) will have such inflows in foreign currency (US dollar) through the designated bank of their choice.
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