Anti-Graft Agency, EFCC Arrests Five Illegal Bureau de Change Operators Inside Borno Hajj Camp
The Economic and Financial Crimes Commission (EFCC) has apprehended five individuals suspected of operating illegal bureau de change activities in Maiduguri, Borno State. They were detained at the Borno State Hajj Camp, located at Sir Kashim Ibrahim College of Education, Maiduguri, following credible intelligence suggesting their involvement in the illicit sale of foreign currencies. The EFCC confirmed the arrests through a brief statement, announcing intentions to pursue legal action against the suspects once investigations are concluded.
This development follows directives from the Central Bank of Nigeria (CBN) instructing all bureau de change operators (BDCs) across the country to reapply for operational licenses. The CBN introduced new licensing requirements and revised permissible activities for BDCs, citing the need to reform the sector and enhance its role in the foreign exchange market. These changes, effective from June 3, 2024, aim to streamline BDC operations and align them with the envisioned objectives outlined in the Draft Operational Guidelines for BDC Operations in Nigeria, released by the CBN in February 2024.
The EFCC’s actions underscore ongoing efforts to combat financial crimes and ensure compliance with regulatory frameworks governing currency exchange activities. By cracking down on illegal bureau de change operations, authorities aim to uphold financial integrity and safeguard the interests of stakeholders in the foreign exchange market. The arrests serve as a warning to individuals engaging in unlawful currency trading activities and signal the enforcement of stricter regulations to maintain transparency and accountability in the sector.
In summary, the EFCC’s arrest of illegal bureau de change operators in Maiduguri reflects a broader initiative to reform the currency exchange sector and curb illicit financial activities. With regulatory authorities tightening oversight and implementing stricter measures, the aim is to promote a more transparent and compliant environment conducive to sustainable economic growth and financial stability.
SaharaReporters
