Lawyers, Stakeholders Hail CBN Gov – BDCs


Lawyers and Non-Governmental Organisations, on Monday, hailed the recent decision of the Central Bank of Nigeria (CBN), under the leadership of its Governor, Godwin Emefiele, to place an embargo on weekly supply of forex to Bureau de Change (BDCs), operators in the country.

The legal practitioners and the NGOs made their position known in a statement. The stakeholders who spoke on the platform of Lawyers in Defence of Economic Rights and signed by Chisom Nduka Edede, said the apex bank’s commendable decision was a right step in the right direction towards stopping the act of robbing Peter to pay Paul.

They said the decision was meant to streamline the nation’s forex market and bring sanity to the foreign exchange system.

According to them, 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 bedevelling the nation.

They added that most of 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 statement read: “With this noble decision, Emefiele and his team have fired

Bazuka at corruption, money laundering and terrorism.

READ ALSO: CBN: E-Naira Will Make Transactions Cheaper

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

“We admit that like any other good policies, 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.”

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