FCTA takes steps to ensure sanity in the forex market

The Federal Capital Territory Administration (FCTA) has begun taking steps to ensure sanity and standards in the operations of the Bureau de Change (BDC) in the nation’s capital.

Indeed, there is growing public concern about their alleged involvement in financial crimes such as money laundering, economic sabotage, and terrorist financing, among others.

The FCT Minister’s Senior Special Assistant for Supervision, Inspection and Enforcement, Ikharo Attah, said this weekend during a meeting with BDC operators on plans to clean up and to normalize their operations and free them from crimes.

Ikharo said the action became necessary following a letter from the Economic and Financial Crimes Commission (EFCC), asking the FCTA to bring common sense and global best practices to their operations in order to combat against criminal activities arising from their operations.

In addition to restoring sanity in the conduct of foreign exchange business in the FCT, Ikharo added that the EFCC requests that “adequate arrangements be made for them to operate with the registered office address in accordance with the provisions of law and international best practices to reduce economic sabotage”. , money laundering and possibly the financing of terrorism.

“The minister instructed us to clean up the activities of BDC currency traders in the FCT, especially with a focus on Wuse Zone 4, so that we do everything to limit economic sabotage and tackle the problem of money laundering and illegal financing.”

Ikharo said CBD operators were a critical and important player in the forex market and warned that the FCTA would not allow them to continue selling currencies at the roadside.

While pointing out that section 8.5 of the revised CDB Operational Guidelines in Nigeria aligns with the FCT anti-peddling policy, he said, “FCTA is not comfortable with currency peddling on the road. in the 4″ area.

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