Ethnic youth leaders have backed the decision of the Central Bank of Nigeria (CBN) to ban to the sale of forex to Bureau De Change (BDC) operators in the
In a press statement in Abuja on Monday, they said the ban on the sale of Dollars to the BDCs was necessitated by their dubious and unwholesome practices, adding that the operators have gone beyond their primary role of being retail dealers of forex to wholesale dealers.
The Coalition of Ethnic Youth Leaders is in collaboration with the African Centre for Justice and Human Rights and other partners Civil Society Organisations.President of the Middle Belt Youth Forum, Godwin Meliga, who read the statement of the leaders, said it was because of the illicit businesses that BDCs had risen from a mere 74 BDCs in 2005 to 2,786 BDCs in 2016 and about 5500 today.
He stated, “Further, speculative demand for forex is also likely to reduce. With the knowledge that BDCs have been accused of being vehicles for bribery and corruption, this will likely reduce.
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