Buhari Reveals How Banks, Govt Officials Rip Nigeria Off via BDCs

Nigeria's President Muhammadu Buhari has rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs).

According to him, the Bureau de Change business had become a scam and a drain on the economy.

“We had just 74 of the bureaux in 2005, now they have grown to about 2,800,” President Buhari noted.

He alleged that some bank and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates.

“We don’t have the Dollars to give to the BDCs. Let them go and get it from wherever they can, other than the Central Bank,” President Buhari said.