Association of Bureaux De Change Operators of Nigeria - ABCON

25/08/2026

17/08/2026

EFCC Commences Investigations of Suspect, $73,000, £15,957 & 827,800 SAR Intercepted at Kano Airport

The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced investigation of a suspect, Haruna Yusuf and multiple undeclared foreign currencies, , $73,000( Seventy Three United States Dollar) £15,957 ( Fifteen Thousand, Nine Hundred and Fifty Seven Pound Sterling) & 827,800 Saudi Riyal intercepted by the Nigeria Customs Service, NCS, at the Mallam Aminu Kano International Airport, MAKIA.

The investigation commenced after the handover of the suspect and the undeclared currencies by the Acting Customs Area Comptroller of the Kano/Jigawa Command, Deputy Comptroller U. U. Adamu at the Customs Area Command in Kano.

The intercepted currencies, which exceeded the legally permitted threshold, were discovered during routine primary and secondary screenings of arriving passengers between August 8 and August 12, 2026.

The Acting Zonal Director of the EFCC, Kano Directorate, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received the suspect and the recovered funds on behalf of the Commission.

According to Adamu, the Customs made two separate interceptions.

On August 8, 2026, “at approximately 14:20 hours, officers conducting passenger screening at the baggage seat of MAKIA intercepted an unaccompanied Saudi Air luggage containing 827,800 Saudi Riyals and $53,300 The currencies were found concealed inside a footwear.” Adamu stated.

Similarly, on August 12, 2026 “at approximately 13:50 hours, officers of the Nigerian Custom Service also flagged a luggage belonging to one Mr. Haruna Yusuf, who arrived at MAKIA on board Ethiopian Airlines flight ET941. During secondary screening using Non-Intrusive Inspection Technology, $20,000 USD and £15,957 were found concealed inside sportswear shoes”, he said.

Adamu thereafter formally handed over the suspect, Mr. Haruna Yusuf, alongside all recovered exhibits to Ebelo for further investigation and prosecution. He noted that the handover was in accordance with Section 4(f) of the NCS Act 2023, which empowers the Service to collaborate with other border regulatory agencies.

Adamu further explained that, "these interceptions demonstrate the readiness and vigilance of our officers in detecting cross-border movement of undeclared foreign currencies above the allowed threshold. The Command will continue to deploy technology, professional expertise, and intelligence-driven measures, including inter-agency collaboration to strengthen border controls and protect the integrity of Nigeria's financial systems."

Receiving the suspect and exhibits on behalf of the Executive Chairman of the EFCC, Mr. Ola Olukoyede, Ebelo expressed profound gratitude to the Customs Service for its professionalism and cooperation with EFCC officers recently deployed to the airport.

"We must sustain this vigilance at all our entry points to counter the illegal movement of currency. The failure to declare large sums of currency and its equivalent is a violation of the Money Laundering (Prevention and Prohibition) Act, 2022," he said.

He urged the public to comply with the law, emphasizing that declaring currency attracts no penalty, only the source of undeclared funds may raise legal concerns.

"Once more, we call on the general public: as much as we are Nigerians and we encourage trade in and out of the country, people must adhere to the laws of the land. You must declare the currency you are carrying. If you declare it, nobody will seize your currency," he said.

Ebelo reaffirmed the EFCC's commitment to thorough investigations and prosecution, stating that the Commission would continue to follow the law diligently

Both Ebelo and Adamu applauded the longstanding synergy between the EFCC and NCS which has been critical to combating financial crimes and illegal cash movement across Nigeria's borders.

17/07/2026

CBN deploys digital tracker to tighten control of BDC foreign exchange transactions
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kenneth Athekame - July 16, 2026

The Central Bank of Nigeria (CBN) has introduced a digital monitoring system that will track Bureau De Change (BDC) foreign exchange transactions from purchase requests to final utilisation, as the regulator moves to strengthen oversight of the retail FX market.

Under the new framework issued on July 15, banks and licensed BDC operators will now be required to process all foreign exchange purchases through a centralised electronic platform known as the FX BDC Purchase Tracker (FXBT).

The system will provide the apex bank with real-time visibility into dollar purchases by BDCs, allowing it to monitor compliance, prevent market abuses and improve transparency in the retail segment of the foreign exchange market.

“The Guidance announces the implementation of the electronic portal to facilitate the interaction between BDCs and the Nigerian Foreign Exchange Market (NFEM) and outlines, among others,” the CBN stated.

The latest measure builds on the bank’s February policy that allowed licensed BDCs to access foreign exchange directly from authorised dealer banks through the NFEM, a move designed to improve liquidity and reduce reliance on informal channels.

However, the new framework introduces a technology-driven layer of supervision, enabling the CBN to monitor every request, approval and settlement involving BDC operators.

The tracker is expected to help the regulator identify operators that exceed their weekly foreign exchange purchase limit of $150,000, obtain multiple allocations from different banks, or divert FX outside approved channels.

The move forms part of broader reforms by the CBN to sanitise the retail foreign exchange market and replace fragmented reporting systems with transaction-level monitoring.

Under the new rules, authorised dealer banks will serve as the first line of enforcement. Before supplying foreign exchange to any BDC, banks must complete Know-Your-Customer (KYC) checks, verify beneficial ownership details, review incorporation documents and conduct enhanced due diligence on high-risk operators.

Banks are prohibited from selling foreign exchange to BDCs that fail to meet regulatory requirements.

The framework also prevents banks from imposing exclusive relationships on BDC operators, allowing them to purchase FX from any authorised dealer bank of their choice.

BDCs seeking foreign exchange must submit requests electronically through the FXBT platform. Banks are required to acknowledge requests within two business hours and provide immediate confirmation of approval or rejection through the portal.

The CBN further restricted speculative behaviour by directing BDCs to return unused foreign exchange balances to the NFEM within 24 hours after the utilisation period expires.

Operators must also disclose any unused balances before submitting new purchase requests, while failure to comply could result in forfeiture of funds and suspension from accessing the official market.

The regulator also mandated that all FX transactions between banks, BDCs and customers must be settled through accounts maintained with licensed financial institutions, effectively banning third-party transactions.

The digital framework marks another step in the CBN’s effort to improve transparency, strengthen market discipline and ensure that official foreign exchange supply reaches genuine retail users rather than being diverted or hoarded.

08/07/2026

CBN Clarifies Legal Tender Status of ₦100 Banknotes.

01/07/2026

Press Release

CBN Revokes Licenses of 46 Microfinance Banks.

25/06/2026

CBN orders banks to freeze terrorism-financing suspects’ accounts
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June 25, 2026
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By Sami Tunji

Central Bank of Nigeria. Photo: CBN
The Central Bank of Nigeria has directed banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies designated for terrorism and terrorism financing, following fresh sanctions issued by Nigerian and United States authorities.

The directive was contained in a circular dated June 24, 2026, issued by the CBN’s Compliance Department and addressed to all banks, Payment Service Banks and other financial institutions regulated under the Banks and Other Financial Institutions Act 2020.

According to the circular, the action follows recent sanctions designations by the Nigeria Sanctions Committee and the United States Department of the Treasury’s Office of Foreign Assets Control under Executive Order 13224, as amended, on terrorism and terrorism financing.

“The Nigeria Sanctions List has been updated as at June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities,” the apex bank said.

The CBN listed six individuals designated under the sanctions regime as Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.

It also named four Nigeria-based Bureau de Change operators designated as being owned or controlled by the individuals.

They are Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, Nine to Nine Exchange Bureau de Change Limited and Abbal Bako & Sons Bureau de Change Limited.

As part of the compliance measures, the apex bank directed all financial institutions to immediately screen existing customers, beneficial owners and all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers.

It also ordered banks to freeze, without prior notice, all funds, assets and other economic resources belonging to or controlled directly or indirectly by the designated persons and entities.

The circular stated, “Identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to, owned, held, or controlled (directly or indirectly) by the designated persons and entities, including those owned 50 per cent or more, individually or collectively.”

The CBN further directed financial institutions to ensure that no funds, financial services or economic resources are made available, directly or indirectly, to the sanctioned persons or entities.

It instructed banks to immediately file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for any confirmed or attempted matches.

The regulator also directed all financial institutions to submit compliance reports to the CBN within 48 hours of the circular, stating whether any matches were identified, the accounts affected, amounts frozen or restricted and actions taken.

It added that institutions with no matching accounts must also submit mandatory nil returns.

The circular also directed banks to intensify monitoring for terrorism-financing indicators, including the structuring and rapid movement of funds, the use of money service businesses, bureaux de change, and informal channels, as well as transactions involving high-risk jurisdictions.

It further ordered financial institutions to conduct retrospective reviews to identify previous or attempted transactions and customer relationships linked to the designated parties.

Warning against non-compliance, the CBN said all submissions must be accurate, complete and verifiable, noting that false or misleading information would constitute a regulatory violation.

“Any false or misleading information shall constitute a regulatory violation and will attract sanctions under BOFIA 2020 and other applicable laws,” the circular stated.

It added that the CBN would conduct off-site reviews, on-site examinations and supervisory engagements to verify compliance, stressing that the directive “takes immediate effect.”

The United States recently designated a Nigerian national and three companies operating in the country as alleged financial facilitators of activities linked to the terrorist group, the Islamic State of Iraq and Syria.

They were designated in the latest action, which targeted a total of three individuals and six entities accused of facilitating the movement of funds for ISIS operations globally.

The PUNCH earlier reported that the Association of Bureaux De Change Operators of Nigeria strongly condemned terrorism financing, declaring its full support for recent domestic and international enforcement efforts aimed at safeguarding the integrity of Nigeria’s financial system.

24/06/2026

ABCON’s POSITIONS ON U.S SANCTIONS RELATED TO TERRORISM FINANCING.

June 24, 2026

ABCON strongly condemns terrorism and any form of terrorism financing. The association supports all legitimate domestic and international efforts aimed at disrupting illicit financial flows and safeguarding the integrity of Nigeria’s financial system.

Recent actions by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) against certain individuals and entities allegedly involved in facilitating terrorist financing underscore the need for enhanced vigilance across all financial sectors, including foreign exchange markets. 

It is important to emphasize that sanctions are directed at specific individuals or entities based on intelligence and investigations and should not be interpreted as an indictment of the entire BDC industry. The overwhelming majority of licensed BDC operators conduct their businesses in compliance with Nigerian laws and regulatory requirements.

Measures Being Taken to Curb Terrorism Financing

ABCON, in collaboration with the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), law enforcement agencies, and other stakeholders, is supporting the following measures:
1. Enhanced KYC and Customer Due Diligence
• Strengthening Know-Your-Customer (KYC) procedures.
• Verifying customer identities and beneficial ownership information.
• Applying enhanced due diligence to high-risk transactions.
2. Sanctions Screening
• Screening customers and counterparties against Nigerian sanctions lists, OFAC lists, and relevant United Nations sanctions lists.
• Immediate reporting and freezing actions where required by law.
3. Suspicious Transaction Reporting
• Prompt filing of Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) to the NFIU.
• Increased monitoring of unusual transaction patterns.
4. Technology and Compliance Investments
• Deployment of automated AML/CFT monitoring systems.
• Adoption of risk-based compliance frameworks.
• Improved record-keeping and transaction traceability.
5. Capacity Building
• Continuous AML/CFT training for BDC operators and staff.
• Regular compliance workshops and awareness programs.
6. Regulatory Collaboration
• Full cooperation with CBN examinations, mystery shopping exercises, and supervisory reviews.
• Compliance with the Money Laundering (Prevention and Prohibition) Act 2022, Terrorism (Prevention and Prohibition) Act 2022, and CBN AML/CFT regulations. 
7. Industry Self-Regulation
• Encouraging members to maintain zero tolerance for illicit transactions.
• Internal disciplinary measures against operators found violating regulatory standards.

Recommended Public Statement

“ABCON remains committed to preserving the integrity, transparency, and credibility of Nigeria’s foreign exchange market. We support all lawful efforts to identify, investigate, and sanction any individual or institution involved in terrorism financing. The association will continue to work closely with the CBN, NFIU, security agencies, and international partners to strengthen AML/CFT compliance and ensure that the Bureau De Change sector is not used as a channel for illicit financial activities.”

This position demonstrates support for enforcement actions while protecting the reputation of compliant BDC operators and highlighting the sector’s commitment to international AML/CFT standards.