Money market

Ex-ANAN president applauds CBN’s move to revoke licenses of 4,173 BDC operators



By Sodiq Adelakun

Former President of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has praised the Central Bank of Nigeria (CBN) for revoking the operational licenses of 4,173 Bureaux De Change (BDC) operators.

Nzekwe expressed his commendation during a press briefing in Ota, Ogun State.

The CBN made the decision to revoke the licenses of the BDC operators on Friday. This move is seen as a positive development by Nzekwe, as it is expected to curb manipulations in the foreign exchange market.

The revocation of licenses is part of the CBN’s efforts to streamline the foreign exchange market and ensure transparency.

The apex bank has been taking steps to address the challenges faced in the foreign exchange market, including the depreciation of the naira and the scarcity of foreign currency.

He also stated that this action will enhance the effectiveness of the CBN’s policies in stabilising the foreign exchange market. The former ANAN president further urged the CBN to continue its efforts in strengthening the foreign exchange market and ensuring that the naira remains stable.

He also called on the apex bank to intensify its surveillance on the activities of BDC operators to prevent any form of malpractice.

The revocation of licenses is expected to have a significant impact on the foreign exchange market, as it will reduce the number of BDC operators and potentially lead to a more efficient and transparent market.

He noted that the BDCs in other climes were meant for light travellers but the reverse was the case in Nigeria.

“The BDC operators are part of the problems of the country as they have bastardised the foreign exchange policy,” Nzekwe said.

The ex-ANAN president stressed the need for adequate monitoring of BDCs operation by the CBN.

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