February 22, 2018

DSS arrests Bureaux De Change operators selling above official rate

DSS arrests Bureaux De Change operators selling above official rate

Officials of the Department of State Services (DSS) yesterday raided the offices of some bureaux de change (BDC) in Lagos, and arrested operators selling above the stipulated exchange rate of N385 per dolla

BDC sources, who confirmed this development to Vanguard said DSS operatives visited Hajj Camp and Murtala Muhammed International Airport and closed BDCs selling dollars above the exchange rate of N385 per dollar.

The CBN allows each BDC to buy dollars from Travelex at N381 per dollar and sell to end users at N385 per dollar. Vanguard investigations reveal that the DSS operatives posed as end-users who came to purchase dollars from the BDCs. After surveying the market for exchange rate offerings, it was gathered that they arrested some BDC operators who sold above the CBN exchange rate of N385. Read more

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