CBN Accuses BDCs of Turning to Money Laundering Agents *Stops Sale of Forex to Operators*

CBN Accuses BDCs of Turning to Money Laundering Agents Stops Sale of Forex to Operators.

Operators of Bureau de Change in Nigeria are in for a hard time as the Central Bank of Nigeria on Tuesday declared a stop in the sale of foreign currencies to them.
This was one of the main decisions taken at the end of the Monetary Policy Committee meeting which was concluded on Tuesday in Abuja.

The meeting, which commenced on Monday took turns in looking at the nation’s economy in relation to the inflation rate and the subsisting monetary policies.
Central Bank Governor, Godwin Emefiele, stated that Bureau de Change operators have become channels through money launderers move funds.

In the meeting the Apex bank Governor said,

“They have turned themselves away from their objectives. They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market,”

Accusing some of the BDCs of being owned by the claimed corrupt people, Emefiele warned banks that deal illegally in the handling of foreign exchange.

He said,

“Several international organisations, embassies patronise BDC through illegal forex dealer to fund their institutions,” he added.

“We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them.”

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