ABCON Warns BDCs Against Conniving With Looters After EFCC Raid In Abuja

The Association of Bureau de Change Operators of Nigeria has warned its members against being cash couriers for looters.

The Economic and Financial Crimes Commission on Tuesday raided the popular Zone 4 in Abuja, a hub for black market currency sellers.

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The BDCs had sold the naira as high as N850 for a dollar, a factor that had led to the massive arrest by operatives of the anti-graft agency.

The Central Bank of Nigeria had announced the withdrawal of N1,000, N500 and N200 notes with a redesigned ones to begin circulation December 15.

The old notes will no longer be accepted by banks January 31, 2023.

Since the apex bank Governor, Godwin Emefiele made the announcement late October, the naira has been on a steady fall at the parallel market.

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Emefiele had said 85 per cent or N2.67trn out of N3.2trn in circulation is being hoarded and have not made their way into bank vault.

But the National President of ABCON , Aminu Gwadabe reacting to the arrest warned members against being agents used in promoting laundering.

He said in a circular seen by THE WHISTLER that BDC operators caught in any infraction will risk prosecution by the EFCC.

He said, “This is to inform all licenced BDC operators that they are the gate keepers of the economy and should not be involved as cash couriers as infractions can lead to prosecution.

“We advice members to conduct their activities on account to account basis in case of any.”

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A BDC operators who spoke to THE WHISTLER on condition of anonymity, said there is an elevated rush for naira swap.

He said “A lot of people are currently rushing to swap bundles of N500 and N1000 to meet the deadline.

“Some sellers who have big contacts are helping their clients swap huge naira cash for dollar.”

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