The Economic and Financial Crimes Commission (EFCC) has arrested over 200 suspects in connection with foreign exchange scams and manipulation of the financial markets. Sources privy to the development but were not authorised to speak to The PUNCH on Wednesday that over 200 suspected Bureau De Change (BDC) operators were in EFCC custody across the country. One of the sources …

Operatives from the Economic and Financial Crimes Commission (EFCC) on Tuesday reportedly arrested some Bureau De Change (BDC) operators at the popular Wuse Zone 4 market on Tuesday. This came as traders also said some BDC operators resisted the arrest during a sting operation. The operatives had embarked on routine raids to sanitise the market of street traders and eliminate …

The Federal Government says it has uncovered the identity of 15 entities, including nine individuals and six Bureau De Change (BDCs) operators and firms, allegedly involved in terrorism financing. Details of the development were revealed by the Nigerian Financial Intelligence Unit (NFU), in an email sent to The PUNCH on Tuesday night, entitled “Designation of Individuals and Entities for 18 …

The Central Bank of Nigeria (CBN) is evaluating a new set of guidelines to protect the financial system in a follow-up to the recent ban on certain cryptocurrencies in Nigeria, according to The Nation. The apex bank may authorise Bureaux De Change Operators (BDCs) to resume forex transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market …

The Central Bank of Nigeria (CBN) has introduced a fresh set of guidelines to keep Bureau De Change (BDCs) in check. Under the new guidelines BDCs in the Tier 1 category must have a capital requirement of N2 billion, while Tier 2 BDCs must have a capital requirement of N500 million. Tier 1 BDCs formally were expected to cough out …

The Central Bank of Nigeria (CBN) has reduced the number of approved Bureau de Change (BDC) dealers to 2,991 from over 5,689, according to the list of approved BDCs published on Wednesday. The regulatory bank published a similar list in 2022, which approved 5,689 black market dealers. This is coming on the heels of the exponential growth of BDCs operators; the …