Naira and Dollar notes
The Central Bank of Nigeria (CBN) has listed various documentation requirements expected from Bureaux de change (BDCs) in the country.
The CBN said that BDCs are expected to keep documentation and render returns on: Statement of Assets and Liabilities; statement of profit and loss account. The documents also include Foreign exchange purchases and utilisation.
Speaking at a workshop organised by the apex bank for BDCs on returns rendition and adequate documentation, recently, a statement yesterday quoted Deputy Director, Other Financial Institutions Supervision Department (OIFs), CBN, Mr. Yemi Bedu to have said, “This workshop is been organised to get the BDCs operators to understand the expectations of the CBN from them, in terms of rendering their returns, in terms of operating their business.”
“All BDCs are required to maintain adequate accounting and other records of its transactions, render the statutory returns, renew their annual license within the stipulated period, put in place the necessary anti-money laundering policies and procedures in place”, he said
Bedu, who represented the Director of OFIs, said further, “The bank had observed that operators have difficulties adhering to the rules and requirement of the CBN. And we at our end recognise that these difficulties might be due to inability to understanding what is required of them. So this workshop has been put in place to build capacity to have better understanding of what is required from you.”
President Association of Bureau de Change Operators of Nigeria (ABCON), Dr. Emmanuel Balogun, said that his association attaches a lot of importance to the workshop, which he described as a wake-up call for BDCs on compliance with documentation requirements.
“I urge you all to use the opportunity of the workshop to ask questions and clarify issues germane to documentary requirement. This workshop eliminates any excuse for non-compliance with periodic rendition and increase the weight of responsibility on each operator in this regard. Consequently, we should all see it as a wake-up call that must be heeded for the profitable sustenance of our business and growth of our economy”, he said.