Youth Leaders Support Ban of Forex to BDCs
Council of Ethnic Youth Leaders of Nigeria says Boko Haram, Banditry and Kidnapping will soon be a thing of the past following the Central Bank’s ban of foreign exchange sales to Bureaux De Change, BDC, operators in Nigeria.
The council stated this at a joint press conference on Monday in Abuja
One of the youth leaders, Yusuf Suleiman of the Arewa Consultative Movement said that the policy by the Central Bank banning foreign exchange sale to Bureaux De Change Operators was not targeted at Northerners as being alleged by the BDC operators,
Yusuf Suleiman who is the spokesman and public relations officer of the Arewa Consultative Movement explained that the policy was to fight insecurity in Nigeria.
Barr. Peter Abeng, the secretary of the African Centre for Justice and Human Rights stated that bandits and Kidnappers have easy access to foreign exchange through Bureaux De Change which helps them procure arms.
He maintained that any Nigerian who does not support the policy was indirectly supporting non-state actors in their effort to undermine the Nigerian state.
The secretary of Ohaneze Youth Movement, Chiamaka Ike said that politicians loot Nigeria’s resources through BDC operators who facilitate easy conversion of naira to foreign currencies and movement of same to foreign nations without proper regulations
She maintained that the ban would take foreign exchange transactions from illegal hands to legal hands and therefore called for collective efforts to make the policy work.
Opeolu Oluwadamilola, the secretary-general of the Oduduwa Youth Council called for effective implementation of the policy and urged the CBN to adequately sanction any Bank that goes against the policy
The president-general of Middle Belt council, Godwin Meliga stated that BDC operators were only interested in wider margins and profits from the foreign exchange market which made few businessmen ripping off the system.
He maintained that a more transparent foreign exchange market would improve confidence in the economy and would lead to increased foreign investment.
The conference was to enlighten Nigerians on the importance of the new policy and its implications on the Nigerian economy.
