Naira Weakens Further Against Dollar as CBN Warns BDC Operators Over Anti-Money Laundering Compliance

|By Babatunji Wusu-

-CBN Warns BDC Operators as Naira Falls Again
– Regulator Moves to Curb Money Laundering, Terrorism Financing

The Nigerian naira slipped further against the United States dollar at the official foreign exchange window on Thursday, closing at ₦1,599.93/$1, even as the Central Bank of Nigeria (CBN) issued a stern warning to Bureau De Change (BDC) operators to strictly adhere to its anti-money laundering and counter-terrorism financing guidelines.

Data from the CBN revealed that the local currency dropped slightly from ₦1,599.79/$1 recorded on Wednesday, reflecting a day-to-day depreciation of ₦0.14.

Meanwhile, on the parallel market, BDC operators at the popular Wuse Zone 4 in Abuja confirmed that the selling rate held steady at ₦1,620/$1, unchanged from Wednesday’s figures.

The currency dip came as the apex bank, in a circular signed by its Director of the Compliance Department, Amonia Opusunju, announced plans to launch “mystery shopping” operations across BDC outlets nationwide.

According to the circular, the covert visits aim to enforce strict compliance with the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the recently updated 2024 regulatory guidelines for BDCs.

“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the regulatory and supervisory guidelines for Bureau De Change operators in Nigeria, 2024,” the statement read in part.

The move signals a renewed push by the CBN to sanitize the forex market, especially amid concerns over currency racketeering and illicit financial flows.