BREAKING: EFCC Cautions BDCs Against Abuse As Naira Edges To N1,000 per Dollar

EFCC has cautioned BDCs against abuse as the naira is edging towards N1,000 per dollar following the announcement of new naira notes by CBN.

 

NewsOnline reports that the Economic and Financial Crimes Commission (EFCC) has cautioned Bureaux de Change (BDCs) against abuse of regulatory guidelines in the discharge of their services to customers.

 

This online news understands that EFCC warning is coming days after the Central Bank of Nigeria (CBN) policy on redesigning N200, N500, and N1,000 banknotes were announced by the regulator.

ALSO: Naira Falls To New Record Low First Day Of November 2022, See New Exchange Rate

 

In a statement, the Association of Bureaux De Change (ABCON) National Executive Council, said the EFCC advised all licensed BDCs to be extremely careful in their day-to-day operations by requesting customers’ information during transactions.

 

The agency advised BDCs not be involved in cash couriers, which remains a serious infraction that can lead to prosecution of perpetrators.

“The BDCs are also advised to render regulatory returns adding that BDCs are the gatekeepers to the economy and their directors will be keenly monitored by the CBN and security agencies,” it said.

The CBN had last week announced plans to redesign the naira – N100, N200, N500, N1,000 banknotes and issue new ones in a major push to tackle counterfeiting.

 

CBN Governor, Godwin Emefiele said the apex bank has secured the approval of President Mohammadu Buhari to resign the old banknotes and issue new ones.

 

Emefiele said both the funds within and outside the banking system will be mopped up from today till January 31, 2023 to the CBN’s vault to control rising inflation.

 

Meanwhile, NewsOnline reports that the naira has depreciated further against the dollar at the parallel as it now exchanges for N880 per dollar as of Wednesday Morning, 2nd November 2022.

According to reports, the naira is currently under high selling pressure in the black market following the Central Bank of Nigeria’s (CBN) announcement that the newly redesigned naira notes would start circulating in the economy from December 15, 2022.

This online news observed that since the apex bank made this announcement last week, the naira has fallen from its initial record low of N765/$1, losing over N53 in barely six days, further piling pressure on the local currency.

 

A visit to popular Bureau De Change hubs in Lagos and Abuja revealed that several customers came looking for dollars but had difficulty accessing it.

An operator at Allen Roundabout in Lagos, Muhammed Tijani said dollars were still selling for less than N820/$1 Tuesday evening, 1st November 2022.

 

“I buy for between N820 and N785 while I sell for between N885 and N890. The dollar has not reached N900. It is all speculation,” he said.