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Home News Business

Naira redesign: EFCC advices BDCs to follow regulatory guidelines

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
November 2, 2022
in Business, News, Trending News
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The Economic and Financial Crimes Commission (EFCC) has cautioned Bureaux de Change (BDCs) operators to follow the regulatory guidelinesĀ  in discharge of their services to customers.

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The warning came days after the Central Bank of Nigeria (CBN) policy on redesigning N200, N500 and N1,000 bank notes was announced by the regulator in a major push to tackle counterfeiting.

In a statement, 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.

ā€œThe 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,ā€ it said.

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

The CBN had last week announced the naira redesign plans last week, and the CBN Governor, Godwin Emefiele said the apex bank had 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.

Tags: Bureau De ChangeCentral Bank of NigeriaGodwin EmefieleRedesigning the naira
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