Lagos – Nigeria’s Naira decreased slightly in the official foreign exchange market Thursday. The currency closed at N1,599.93 per US dollar. This rate was lower than Wednesday’s N1,599.79. Central Bank of Nigeria (CBN) data showed the N0.14 decline. Foreign exchange pressures continue affecting the Naira exchange rate.
The parallel market rate remained stable. Bureau De Change (BDC) operators in Abuja sold dollars at N1,620. This rate matched the previous day. This stability occurred despite increased CBN regulatory attention.
CBN Mandates BDC Compliance
The Central Bank of Nigeria issued a warning to BDC operators. The CBN requires compliance with financial regulations. These rules concern anti-money laundering and counter-terrorism financing. A circular signed by Amonia Opusunju, Director of Compliance, listed the requirements. It cited the Money Laundering Act 2022, the Terrorism Act 2022, and 2024 BDC guidelines. Compliance affects BDC operations and the Naira exchange rate.
Enforcement Checks Planned
The CBN announced enforcement plans. The bank will use “mystery shopping” exercises at BDCs. This method aims to check compliance directly. The action indicates increased CBN oversight of the BDC sector. The central bank works to ensure operators follow legal standards.
Abiodun Labi
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