BDCs: Lawyers, NGO Hail CBN’s Move On Forex Supply

A group of lawyers and Non-Governmental Organizations (NGOs)
under the aegis of Lawyers In Defence of Economic Rights (LIDER)
have praised the recent decision of the Central Bank of Nigeria
(CBN) to place an embargo on the weekly supply of forex to Bureau
de Change (BDCs) in the country.

Recall that the Governor of the apex bank, Godwin Emefiele, had
recently announced the measure, which he explained, was to halt
underhand dealings in the market by operators.

The group said in a statement Monday that the decision is not
only commendable, courageous but also meant to end illicit
transactions and corrupt briefcase billionaires.

The organization noted that the apex bank’s commendable decision
was a right step in the right direction towards stopping the act of
robbing Peter to pay Paul.

LIDER, which made its position known in a statement by its
leader, Barrister Chisom Nduka Edede, said the decision was meant
to streamline the nation’s forex market and bring sanity to the
foreign exchange system.

According to the organisation, the development can also be
described as using one stone to kill many birds by tackling
corruption, money laundering and terrorism among other societal
ills bedevilling the nation.

The Organization alleged that most BDC operators are very lazy,
yet so rich, describing them as billionaires without owning
factories or industries but feeding fat on the nation’s forex.

The organisation said: “With this noble decision, Emefiele and
his team have fired Bazuka for corruption, money laundering and
terrorism.

“This decision is not only commendable but also courageous. It
is meant to end illicit transactions and corrupt briefcase
billionaires.

“We admit that like any other good policy, this policy can cause
temporary discomfort but in the long run, the gains are enormous
and will be permanent.

“We urge Nigerians to give the CBN the necessary support and
show understanding while Emefiele and his team continue to set the
nation’s economy on the path of sustainable growth.”

A group of lawyers and Non-Governmental Organizations (NGOs)
under the aegis of Lawyers In Defence of Economic Rights (LIDER)
have praised the recent decision of the Central Bank of Nigeria
(CBN) to place an embargo on the weekly supply of forex to Bureau
de Change (BDCs) in the country.

Recall that the Governor of the apex bank, Godwin Emefiele, had
recently announced the measure, which he explained, was to halt
underhand dealings in the market by operators.

The group said in a statement Monday that the decision is not
only commendable, courageous but also meant to end illicit
transactions and corrupt briefcase billionaires.

The organization noted that the apex bank’s commendable decision
was a right step in the right direction towards stopping the act of
robbing Peter to pay Paul.

LIDER, which made its position known in a statement by its
leader, Barrister Chisom Nduka Edede, said the decision was meant
to streamline the nation’s forex market and bring sanity to the
foreign exchange system.

According to the organisation, the development can also be
described as using one stone to kill many birds by tackling
corruption, money laundering and terrorism among other societal
ills bedevilling the nation.

The Organization alleged that most BDC operators are very lazy,
yet so rich, describing them as billionaires without owning
factories or industries but feeding fat on the nation’s forex.

The organisation said: “With this noble decision, Emefiele and
his team have fired Bazuka for corruption, money laundering and
terrorism.

“This decision is not only commendable but also courageous. It
is meant to end illicit transactions and corrupt briefcase
billionaires.

“We admit that like any other good policy, this policy can cause
temporary discomfort but in the long run, the gains are enormous
and will be permanent.

“We urge Nigerians to give the CBN the necessary support and
show understanding while Emefiele and his team continue to set the
nation’s economy on the path of sustainable growth.”