CBN commended for revoking 4,173 BDC licences

A former President of Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekweccn, has commended the Central Bank of Nigeria (CBN) for revoking the operational licences of 4,173 Bureaux De Change operators.

Nzekwe made the commendation while speaking with the News Agency of Nigeria(NAN) on Monday in Ota, Ogun.NAN reports that the CBN on Friday revoked the operational licences of 4,173 BDC operators.Nzekwe said that the apex bank’s decision to revoke the BDC licences was a good development as this would help to check the manipulations in the foreign exchange.He noted that the BDCs in other climes were meant for light travellers but the reverse was the case in Nigeria.“The BDC operators are part of the problems of the country as they have bastardized the foreign exchange policy,” Nzekwe said.The ex-ANAN president stressed the need for adequate monitoring of BDCs operation by the CBN.