From Spain to China, London to South Africa, the ideal practice is that Bureau de Change (BDCs) are supposed to be formal institutions licenced by the
According to a report by Brookings Institution, Nigeria and three other African countries – Ethiopia, South Africa, DR Congo – accounted for over 50 per cent of the $1.3 trillion of illicit outflows from sub-Saharan Africa between 1980 and 2018.
Economic analyst, Stephen Kanabe agrees with Mahmud that with the banking system or the commercial and deposit money banks, monitoring is going to be more efficient, their transactions can be seen every day and you should expect some level of responsibility given even the capital base and the professional base of those operating in that system.
The central bank has told everyone that it will try as much as possible to meet that side and then the transparency of it will also improve for even other investors that want to have access to foreign exchange.
“The move is likely to check round tripping of forex and reduce supply of forex in the parallel market. Further, speculative demand for forex is also likely to reduce. I am aware that BDCs have been accused of being vehicles for bribery and corruption. This will likely reduce.” The CBN appears to have earlier made up its mind to sanction those who would be found guilty of manipulating the process. Speaking to reporters when he announced the ban last month, Mr Emefiele said “We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them.”
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