Travelex Nigeria Limited have partnered the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to ensure international best practicesfor Nigeria’s Bureau De Change (BDC). In a statement made available to newsmen, the subsidiary of Travelex UK made known that the collaboration is part of efforts towards ensuring transparency in the foreign exchange market.
How the BDC engagement will come to fruition
The engagement will commence from a two-day national seminar on best practices in the BDC segment of the foreign exchange market in Nigeria.
The statement suggested that the seminar would highlight a major cooperation between Travelex and the CBN as well as other key financial services regulatory authorities in the country.
According to the statement, key presenters at the seminar are the Deputy Governor of the CBN on Financial System Stability Directorate, the Chairman of the EFCC, Director-General of the Nigeria Financial Intelligence Unit, Managing Director/CEO Nigeria Inter-Bank Settlement System as well as the President of Association of Bureau De Change of Nigeria (ABCON) alongside experts and technical personnel from Travelex UK.
Some of the topics to be discussed include BDC and anti-money laundering laws and regulations; Detection and prevention of illicit financial flows in election year; International best practice in BDC operations; How BDC work in other climes; Standard reporting guidelines on BDC returns; Application of IT in facilitating BDC operations; and Practical effects of CBN policies on BDC operations.
The statement read in part:
“The core objective of the seminar is to harmonise the practices and procedures in the nation’s BDC subsector by bringing them in line with international best practices.
“In addition, the seminar is slated in the countdown to the general elections in Nigeria to help the BDCs guard against facilitating illicit financial flows associated with the season of campaign financing. African countries lose more than $50 billion annually through illicit financial flows.”
“It is estimated that $100 billion a year, about four percent of Africa’s GDP, has been illegally earned, transferred, or used, much of it due to mis-invoicing. This retards Africa’s growth; weakens public institutions and rule of law; discourages the culture of paying taxes and value-addition to natural resources; and results in countries over-relying on official development assistance.”