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Why We Arrested Dollar Exchange Operators - EFCC ~ OsazuwaAkonedo #Abdulrasheed #Bawa #BDC #cbn #EFCC #Naira #OsazuwaAkonedo https://osazuwaakonedo.news/why-we-arrested-dollar-exchange-operators-efcc/ By Press Unit
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by press unit
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Dash
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recent arrest of some Bureau to change
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operators across the country especially
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in Lagos and Abuja by the economic and
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financial crimes commission efcc was
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incidental to the commission's overall
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efforts in sanitizing the foreign
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exchange sector
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the commission's director of operations
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Abdul Kareem chuckle stated this on
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Monday November 14 2022 while Fielding
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questions on good morning Nigeria a
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breakfast program on the network service
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of the Nigeria television Authority NTA
0:32
chuck all who represented the executive
0:34
chairman Abdul Rashid Bawa was among
0:37
eminent personalities invited to discuss
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the topic sanitizing ungoverned
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operators in the Forex sector
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according to him efcc's arrest of BDC
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operators and currency speculators in
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the parallel Market was not
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indiscriminate but a product of
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intelligence
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at efcc we work with intelligence and
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with other stakeholders and when we talk
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of illegal Forex operators you cannot
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just invite people on the street even
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though sometimes you could but generally
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you do not have a choice but to make a
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rest
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he stressed that the commission
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considers foreign exchange malpractice
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as an economic crime against the
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Nigerian State adding that the
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commission as far back as 2016
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established a full-fledged section known
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as foreign exchange malpractices section
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and for over 10 years maintain visible
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Presence at all airports in the country
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to Checkmate incidences of bulk cash
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movement outside Nigeria which is
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another aspect of this Menace
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Through The commission's Presence at the
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major Gateway into the country many
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arrests of cash Smugglers have been made
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in humongous sums in foreign currencies
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recovered
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some were arrested with excess of six
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million dollars six million United
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States dollars others with 2 million
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dollars two million United States
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dollars and we know that these huge sums
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were not meant to be used in buying
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goods but stolen monies being laundered
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out of the country he said
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chuckle further stated that efcc not
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only recovered some of these monies but
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secured their forfeiture to the federal
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government while the culprits were
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prosecuted
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he emphasized the need for active
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interagency and stakeholders
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collaboration pointing out that many of
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the over 6000 registered bdcs do not
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belong to the association of Bureau to
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change operators of Nigeria and
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therefore out of the orbit of regulators
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the CBN guidelines are clear regarding
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returns by btcs but how many of them do
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this he asked
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other discussions in the program which
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includes director of monitoring Policy
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Department Of Central Bank of Nigeria
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CBN Dr Hassan Mahmoud president
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Association of Bureau de change of
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change operators of Nigeria Dr aminu
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gwadab a finance and investment analyst
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Nia kinsuji and a commentator on
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financial issues and managing director
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of timeline consult chuhu Idris in their
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respective contributions identified the
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issue of Nigeria being an import-driven
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economy lack of adequate penalty
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shortage of trained Manpower and
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identification of what truly constitutes
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Black Market beyond the institutional
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banking system as some of the problems
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bedeviling the fight against foreign
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exchange malpractice in Nigeria
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