The Abolition of Bureau De Change by CBN And Nigeria’s Own-Goals

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Bureau de change

 

The Abolition of Bureau De Change by CBN And Nigeria’s Own-Goals

The Central Bank of Nigeria has decided to take the bull by the horn by taking a huge step into ending the inane sales of different foreign currencies to Bureau De Change operators. According to the Central Bank of Nigeria, The reason for such a decision is that Bureau De Change (BDCs) have become an Impenetrable means through which foreign currencies flow unlawfully within the country. According to the Apex bank: “We are concerned that BDCs have allowed themselves to be used for graft.”

As a Nigerian, one needs not to be coerced into believing such a revelation from the Central Bank because it is a general knowledge that Bureau De Change has been a parasitic medium with high productivity values when it comes to foreign currency exchange and have served as the easiest means through which exchange of foreign currencies like getting dollars, Euro, Pounds, etc are gotten in Nigeria. If the central bank is serious about this, then the question is; how would they ensure that Nigerians would access foreign currencies from different banks cheaper and easily without the stress that has accompanied such activity for a long time.

Because the Bureau de change gets those foreign exchange cheaper from the central bank and then sell back to Nigerians at a premium price.

Despite that, one doesn’t have any reason to blame Bureau De change over such high exchange because Nigeria is good at eating its cake and expecting to have it back.

Nigeria with no doubt is one big nation that corruption has been institutionalized in its entire sectors and this is the same mindset that created bureau De change and this makes one wonder if this plan by the Apex bank would be implemented without interferences from different offices and influential figures that benefit from such medium. We only expect such implementation from the Central bank of Nigeria with so much imagination because I assure you that if such is implemented, it will reverse itself back within few months of its operation. The reason being that Nigeria is designed to be manipulated by its diverse controllers, cabals, and the bosses at the top with Long legs and it is ridiculous, painful, and shameful!

Does the Central Bank of Nigeria hopefully think that banks would be transparent in making foreign exchange accessible to its citizens without compromise? I doubt even in their statement: “We will deal with them ruthlessly and we will report the international bodies.” because the fate of Naira is not dependent on what happens at the commercial banks and CBN headquarters but at the hands of the operators at the storehouses and factories including both the old and new operation bases.

However, I commend the Central Bank of Nigeria for such a policy. If only it will be implemented. Because it is through Bureau De change that Politicians loot, rig, and win elections and I don’t think they would sit down and watch patiently while staring their means of accomplishing great strides halted by CBN policy. They certainly will fight the progress and implementation of this policy.

Author: Isaacoed Buchi Jamie

Isaacoed Buchi Jamie

Isaacoed Buchi Jamie

Isaacoed Buchi Jamie is a content writer, entrepreneur, and founder of Be first African Initiative, a non-profit organization based in Abuja, Nigeria which focuses on harnessing the strength and potentials of young minds for the purpose of transforming them to be an agent of positive change and impact. He is a Healthcare service professional, and an Experienced Electrocardiograph Technician with a demonstrated history of working in the hospital, health care industry, and non-profit Organisations. He is Skilled in Personal & identity Branding, Personal Development, Organizational Leadership, Fiction & Creative Writing, and Website Development. Also Focused on Clinical Laboratory Science/Medical Technology/Physiological Procedures.

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