CBN Issues Revised Guidelines For BDCs, Stakeholders 

The Central Bank of Nigeria, CBN has mandated foreign exchange sellers to Bureau De Change, BDC to declare their forex sources if the amount is up to 10,000 dollars and above. Director, Financial Policy and Regulation Department of the CBN, Haruna Mustapha said this in a revised regulatory framework to cut the excesses of BDCs and check uncertainty in the foreign exchange market.

He said the guidelines also state no person shall carry on the business of BDC in Nigeria without the prior authorisation of the CBN.

Recall the Chairman of Bureau De Change Operators in Port Harcourt, Sani Issaka, says banks and Aboki forex operators are to blame for the rise in the dollar rate. Mr Issaka who spoke to PitakwaNews from his detention also claimed that over 150 of his members, including himself, were arrested by EFCC operatives yesterday.