Forex changers denounce black market activities

Forex remittancesFrom EMEKA OKONKWO in Abuja, Nigeria

ABUJA, (CAJ News) – CHAIRMAN of the Bureau De Change operators, Aminu Gwadabe, has lamented the activities of black marketers, whom he said were tarnishing the image of registered foreign currency changers.

Gwadabe spoke in Abuja during a meeting his delegation had with the Acting Chairman of Economic and Financial Crimes Commission, Ibrahim Magu.

He mentioned the existence of these as among the major problems the association faced.

“Most of the time, fraud is perpetrated within the banking premises,” said Gwadabe.

“However, whenever there is an issue, it is the Bureau De Change operators who are usually attacked,” said the executive.

He said another problem his organisation faced was the Bank Verification Number (BVN) registration.

The Central Bank of Nigeria (CBN) introduced the scheme last year to protect customers’ transactions and enhance confidence in the Nigerian banking sector.

While its intentions have been lauded it has not been well received particularly overseas-based Nigerians who are unable to provide fingerprints to complete the process.

Gwadabe urged the central bank to extend the BVN by three months beyond the end of January.

He urged the commission to organise seminars, workshop and sensitization programmes as part of efforts to improve the knowledge of the operators.

CAJ News

Short URL:

Posted by on Jan 6 2016. Filed under Africa & World, Finance, National, News, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

CAJ News Sponsored Links

Commonwealth Technology Organisation

Connect to CAJ News on Facebook

Subscribe to our Newsletter

Photo Gallery

Log in
All material © CAJ News Africa. Material may not be published or reproduced in any form without prior written permission.