CBN calls for improved corporate governance in BDCs

The Central Bank of Nigeria, CBN, has called on bureaux de change (BDCs)directors to improve on their corporate governance responsibilities and ensure compliance with regulatory requirements.

Dalahatu Abubakar, Director, Other Financial Institutions Department, CBN, made this call while addressing a virtualgeneral meeting of BDC directors organised by the Association of Bureaux De Change Operator of Nigeria (ABCON).

Speaking on ‘Corporate Governance of Directors’ in BDC Daily Operations, Abubakar charged the directors tobe up and doing and also be above board in their oversight functions

He added that each BDC should comply with the minimum number of directors and ensure regular board meetings as stipulated by the CBN.

Noting that one of the roles of BDCs is to aid the monetary authorities in checking money laundering and other criminal activities, Abubakar averred that it is the duty of BDC directors to ensure that their organisations are not used for any illegal activity.

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