BDC Operations Resumes Following Raids

It has been learned that Bureau De Change (BDC) operations will resume nationwide today, Tuesday, following a week of continuous raids.

It has been learned that Bureau De Change (BDC) operations will resume nationwide today, Tuesday, following a week of continuous raids.

Following the raid by the security agencies, which included the police and the Economic and Financial Crimes Commission (EFCC), among others, many BDCs had ceased operations last week.

A task force was established by Mal. Nuhu Ribadu, the National Security Adviser (NSA), to address currency speculation issues.

Speaking through Zakari Mijinyawa, the head of strategic communications at the Office of the National Security Adviser, Ribadu stated that the office had to intervene at this time because certain people and groups were still undermining the CBN's proactive measures to stabilize the foreign exchange market and boost economic activity.

This was the reason behind the security agencies' raids on Bureau de Change hubs in the country's capital, Abuja, as well as Lagos, Kano, and many BDC operators were taken into custody.

Read: CBN Allocates $20,000 To Each BDC To Stabilize The Naira

As was evident yesterday, the development has forced many street BDC operators off of Allen Avenue, Sabo Yaba, the Eko Hotel, and numerous other hubs in Lagos.

Among other things, the new draft regulations would mandate that sellers to BDCS who receive $10,000 or more must disclose the source of the foreign currency.

Additionally, payments to customers for foreign currency purchases made in cash that total more than $500 USD must be made by bank transfer to the customer's naira account.

A BDC will provide the customer with a prepaid NGN card if they are a non-resident, regardless of whether they are from Nigeria.