President Muhammadu Buhari has said that his administration decided to cease the sale of foreign exchange to bureau de change (BDC) operators because of fraudulent acts perpetrated by some directors of the Central Bank of Nigeria (CBN).
He made this disclosure when speaking on the state of the economy during an interactive session with the Nigerian community in the United Kingdom on the sidelines of the Supporting Syria Conference in London.
The president pointed out that some CBN directors used BDCs that they owned to shortchange the government.
He said,“We found out that some directors of CBN owned bureau de change and when foreign exchange comes, they take it to their bureau de change and give government the change.
“We had to stop the federal government giving bureau the change. I am explaining this to give a tip of the ice berg of the problem we inherited. We are getting so hard because we have no other [option] than to make everybody accountable.”
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