The naira continued its decline against the US dollar at the official foreign exchange market on Thursday, as the Central Bank of Nigeria (CBN) issued a stern warning to Bureau de Change (BDC) operators to adhere strictly to its anti-money laundering and counter-terrorism financing framework.
According to official CBN exchange rate data, the naira slipped slightly to N1,599.93 per dollar, compared to N1,599.79 traded on Wednesday — a marginal depreciation of N0.14 within a 24-hour period.
Meanwhile, in the parallel market, BDC operators in Wuse Zone 4, Abuja, reported that the dollar was sold at N1,620 — unchanged from the previous day.
This development follows a circular issued on Thursday by Amonia Opusunju, Director of the CBN’s Compliance Department, announcing the bank’s intention to commence “mystery shopping” visits to BDC outlets. The move aims to bolster enforcement of regulations targeting money laundering and the financing of terrorism.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. Terrorism (Prevention and Prohibition) Act, 2022, regulatory and supervisory guidelines for bureau de change operators in Nigeria, 2024,” the statement partly reads.
