The Future of Bureau De change as Central Bank Of Nigeria Introduces E-Naira
The fate of Bureau de change in Nigeria is in a pitiable state as the Central bank of Nigeria is about to introduce the new e-Naira digital currency which will help regulate the illicit exchange of foreign currencies by BDCs in Nigeria. I can categorically tell you that the Central bank of Nigeria (CBN) is very keen on its implementation in the abolition of bureau de change operations in Nigeria as they plan to redesign the architectural structure of the financial systems in Nigeria. The central bank of Nigeria wants to clearly visualize and control the flow of money in all of its financial systems and this is why they are tending towards the new e-naira digital currency and this is why the abolition of the bureau de change operation in Nigeria is necessary so as to enable the rise in e-Naira.
This New e-Naira digital currency is projected to go live possibly in 2022 and this will be a new dawn in Nigeria’s financial system.
What this will do is that it will enable Nigerians who want to transact money in multiple currencies to open a domiciliary account from their already existing Naira account which can enable the person to buy dollars which will be facilitated by your bank by just debiting or crediting the exact account at ease. And when this happens, the country will have a clearer view of what goes on in its financial operations.
According to the Director, Information Technology Department, Central Bank of Nigeria (CBN), Mrs. Rakiyat Mohammed, stated during the banker’s committee meeting that the apex bank will be launching a Central Bank Digital Currency (CBDC) before the end of 2021. This also follows the statement made by the governor of the central bank a few weeks ago: “Under cryptocurrency and Bitcoin, Nigeria comes 2nd while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”
If this happens as they have envisioned, it means that Nigerians can easily get US DOLLARs, EUROs, POUNDs, etc from Central banks directly which will then be distributed through commercial banks that have our Biometrics and this will enable every transaction to be tracked by CBN, thereby having insights on what goes on within its system. Thus having no room for Bureau de change operations in Nigeria.
AUTHOR: Isaacoed Buchi Jamie