El-zionNews

Nigeria's Naira continues depreciation against dollar as CBN issues warning to BDC operators.

The Nigerian naira continued its depreciation against the United States dollar in the official foreign exchange market, closing trading on Thursday with a slight decrease. The Central Bank of Nigeria issued a warning to Bureau de Change operators regarding compliance with its anti-money laundering and counter-terrorism financing regulations. According to exchange rate data from the Central Bank of Nigeria, the naira dropped marginally to N1,599.93 per dollar on Thursday compared to N1,599.79 the previous day, indicating a daily weakening of N0.14. Bureau de Change operators in Wuse Zone 4, Abuja, also confirmed that the selling exchange rate at the black market remained at N1,620 per dollar on Thursday, consistent with the rate from Wednesday.

In a circular issued by the director of the compliance department, Amonia Opusunju, the Central Bank of Nigeria (CBN) announced a plan to conduct 'mystery shopping' exercises at bureau de change (BDC) outlets to enhance compliance with anti-money laundering and counter-terrorism financing regulations. BDC operators are reminded of the obligation to fully adhere to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, Terrorism (Prevention and Prohibition) Act, 2022, as well as the regulatory and supervisory guidelines for bureau de change operators in Nigeria, 2024.