The Central Bank of Nigeria said on Wednesday that it would, from next Monday, withdraw the licences of all class A Bureau de Change operators in the country.
The withdrawal, according to the apex bank, is part of measures to stem the gross abuses of the enhanced ‘Class A’ Bureau de Change in line with its avowed commitment to eradicating money laundering.
The CBN had on February 26, 2009, restructured the BDCs into categories A and B in order to further liberalise the foreign exchange market and enhance its allocative efficiency.
The main objective was to facilitate end-user access to foreign exchange supply from official sources in order to boost economic growth by promoting productive efficiency of small and medium-scale enterprises.
The apex bank, in a statement, signed by its Head, Corporate Affairs, Mr. Muhammed Abdullahi, said the latest appraisal of the policy initiative revealed gross abuses of the enhanced official funding of the Class A category of the BDCs and the negation of the expected benefits to the economy
It said available information also revealed that the target end-users had been sidelined, while large transactions that should have been channelled through the banking system had been carried out by the Class ‘A’ BDCs.
Read More:http://www.punchng.com/Articl.aspx?theartic=Art201011041425331
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