The Central Bank of Nigeria has listed the various documentation requirements expected from bureaux de change in the country.

The CBN said that BDCs were expected to keep documentation and render returns on statement of assets and liabilities, statement of profit and loss account and foreign exchange purchases and utilisation.

Deputy Director, Other Financial Institutions Supervision Department, CBN, Mr. Yemi Bedu, at a workshop for BDCs on returns rendition and adequate documentation, said, “This workshop is being organised to get the BDCs operators to understand the expectations of the CBN from them, in terms of rendering their returns, operating their business.

“All BDCs are required to maintain adequate accounting and other records of their transactions, render the statutory returns, renew their annual licence within the stipulated period, put in place the necessary anti-money laundering policies and procedures in place.”

Bedu, who represented the Director of OFISD, added that the bank had observed that operators had difficulties adhering to the rules and requirements of the CBN.

The President, Association of Bureau De Change Operators of Nigeria, Dr. Emmanuel Balogun, said that the association attached a lot of importance to the workshop, which it considered a wake-up call for BDCs on compliance with documentation requirements.

Commending the CBN for organising the workshop, he reiterated the commitment of the association to the achievement of the objective of efficient allocation and utilisation of foreign exchange, as well as exchange rate stability.

“This informs our zero tolerance position on non-rendition of returns. Furthermore, we believe that prompt rendition of returns will enhance the reputation of our business and subsector, and also reinforce the validity and sustenance of the cash sale of dollars to BDCs,” he said.

Source: Punch (written by Ademola Alawiye)