Travelex Nigeria Limited with the Central Bank of Nigeria and the Economic and Financial Crimes Commission have just planned to improve the Bureau De Change in international best practices.
A two-day national seminar on BDC practices in the foreign exchange market in Nigeria is to begin today – Thursday.
It added that the seminar would highlight a major cooperation between Travelex and the CBN as well as other important financial services regulatory authorities in the country.
According to Anthony Enwereji, the topics of discussion would be 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 order climes; Standard reporting guidelines on BDC returns; Application of IT in facilitating BDC operations; and Practical effects of CBN policies on BDC operations.
It was included in the statement that “It is estimated that $100bn a year, about four per cent of Africa’s GDP, has been earned, transferred, or used illegally. This slows down Africa’s growth; weakens public institutions and rule of law; discourages the tax paying culture and value-addition to natural resources; and results in countries over-relying on official development assistance.”