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Forex changers denounce black market activities

06 January 2016, 20:41

Abuja - Chairman of the Bureau De Change operators, Aminu Gwadabe, has lamented the activities of black marketers, whom he said were tarnishing the image of registered foreign currency changers.

Gwadabe spoke in Abuja during a meeting his delegation had with the Acting Chairman of Economic and Financial Crimes Commission, Ibrahim Magu.

He mentioned the existence of these as among the major problems the association faced.

“Most of the time, fraud is perpetrated within the banking premises,” said Gwadabe.

“However, whenever there is an issue, it is the Bureau De Change operators who are usually attacked,” said the executive.

 He said another problem his organisation faced was the Bank Verification Number (BVN) registration.

 The Central Bank of Nigeria (CBN) introduced the scheme last year to protect customers' transactions and enhance confidence in the Nigerian
banking sector.

While its intentions have been lauded it has not been well received particularly overseas-based Nigerians who are unable to provide
fingerprints to complete the process.

Gwadabe urged the central bank to extend the BVN by three months beyond the end of January.

He urged the commission to organise seminars, workshop and sensitization programmes as part of efforts to improve the knowledge of the operators.

- CAJ News


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