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Clampdown on BDC operators: X-raying effects on northern economy
On
By Kennedy John
The importance of Bureau De Change, BDC, operators in Nigeria’s Foreign Exchange, FX, market can’t be overemphasised.
In a dollar-dependent economy such as ours, their existence and operations have become part of the main arteries that keep the economy running.
Ever since the entry of BDC operators in the financial space, the FX system has been broadened, leading to improved access to foreign currencies.
It is important to note that the origin of BDC could be traced to the period Alhaji Abdulkarim Ahmed was the governor of the Central Bank of Nigeria. Hence the legal backing they enjoy from the CBN..