Business
Naira Weakens Marginally, CBN Issues Strong Warning to BDC Operators
The naira continued its downward trend against the dollar at the official foreign exchange market on Thursday, closing at N1,599.93 per dollar compared to N1,599.79 the previous day. This marks a minor depreciation of N0.14.
In the parallel market, Bureau De Change operators in Wuse Zone 4, Abuja, confirmed that the selling rate remained steady at N1,620 per dollar, unchanged from Wednesday.
The development follows a fresh warning from the Central Bank of Nigeria to BDC operators, urging strict adherence to its anti-money laundering and counter-terrorism financing guidelines. In a circular issued by the Director of the CBN’s Compliance Department, Amonia Opusunju, the apex bank announced plans to conduct “mystery shopping” exercises to assess compliance levels at BDC outlets.
The CBN emphasized that all BDCs must fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the 2024 regulatory guidelines governing BDC operations in Nigeria.
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