CBN Partners Travelex To Enhance BDCs’ Role In Economy
The place of Bureau De Change (BDC) industry in the economy of Nigeria cannot be over-emphasised because it plays important roles and the government has special interest in the activities of operators in the sub-sector.
Travelex Nigeria Limited stated that it was determined to assist the operators make informed assessment of their activities in the foreign exchange market with a view to enhancing their performance going forward.
Travelex stated that in partnership with the Central Bank of Nigeria, it had concluded arrangements for a one-day seminar for practitioners in the BDC industry with the theme, ‘The BDC industry in Nigeria: Retrospect and prospect’ in Abuja.
The General Manager, Travelex Nigeria, Anthony Enwereji, said the seminar would have in attendance the Governor, Central Bank of Nigeria, Mr Godwin Emefiele, as the keynote speaker.
Enwereji added that the deputy governor, Financial Systems Stability Directorate, CBN, Aisha Ahmad, would speak on the ‘Review of CBN forex policies and guidelines on BDC operations (2015-2018)’, while the Chief Executive Officer, Economic Associates, Ayo Teriba, would address the audience on ‘Analysis and proposals for strengthening Nigeria’s end-user forex policy.’
The seminar, according to the statement, would feature the Executive Chairman, Economic and Financial Crimes Commission, Ibrahim Magu, who was expected to speak on ‘Anti-corruption and anti-money laundering laws and regulations as they concern BDCs in Nigeria.’
In its avowed commitment to see the growth of the BDC industry in Nigeria, Travelex stated that it had consistently interfaced with operators to bring them to speed with international best practices.
It recalled that Travelex also held a similar session in September last year to cater to the BDCs in the southern part of the country, during the countdown to the 2019 general elections in Nigeria to help BDCs guard against facilitating illicit financial flows associated with the season of campaign financing.
It was stated at that time that African countries lost more than $50bn annually through illicit financial flows.
The statement said, “This event had become an annual programme as part of Travelex contribution to the society. This year’s event is intended to address the BDCs operating in the northern part of the country.”
Travelex Group is a foreign exchange company founded by Lloyd Dorfman and headquartered in London. Its main businesses are international payments, bureaux de change, and issuing prepaid credit cards for use by travellers as well as global remittances.
In a statement, it said it aimed at helping to set an agenda for the BDC sector under the incoming administration during its 2019 BDC seminar in Abuja.
