Lagos – The Central Bank of Nigeria (CBN) has revoked the licences of 20 Bureau de Change Companies (BDCs) for carrying out illegal foreign exchange transactions.
The companies now face prosecution.
CBN Governor, Mallam Sanusi Lamido, disclosed this at Ikoyi Club’s 75th Anniversary Lecture in Lagos.
“This week, I have revoked licence of 20 BDCs and they will be prosecuted for money laundering with the banks,” Sanusi said.
He said the companies’ promoters would also be charged for money laundering.
Although he declined to mention names of the affected companies, he explained that the affected BDCs operators bought United States Dollars from commercial banks without accounting for their use.
The CBN governor said that the apex bank’s investigation showed that commercial banks were importing billions of US dollars in the country for onward sale to the affected BDCs.
It was established that Nigeria had taken over from Russia as the highest importer of US dollars, leading to fall of the local currency at the foreign exchange market.
Sanusi said the country was importing more US dollars in cash than any other country in the world.
– CAJ News