INVESTIGATIVE REPORT: Bureaux De Change (BDC) In Kano Moving CBN’s Dollars Out Of Nigeria To Dubai
by Alhassan Haruna Dambatta,
An investigation about the continuous fluctuation of the US dollar against the Naira in the downstream market revealed new intriguing illegal activities of the BDC operators in Kano.
An insider informed us that, the BDC operators are in the habit of transporting the dollars released to them by the Central Bank of Nigeria, CBN to Dubai. It was also revealed that they operate through a ring of accomplices who are given Nigerian naira to buy off the dollars released to the commercial banks within the week.
The source further informed us that, just three days ago, some of these dollars were moved through the Aminu Kano international airport with the collaborations of airport workers.
Cartons of Dollars Smuggled Through Aminu Kano Airport
The source said on that day, the big shot BDC operators were heard saying in hausa “an samu hanya” (we have gotten road) meaning, arrangements have been concluded, appropriate bribes have been paid. When I asked him whether has any idea of the amount of bribe money?, he said about 2,000,000 two million naira was paid to the airport staff at the airport to get these dollars illegally out of Nigeria. On that day, he said, cartoons of dollars were moved to Dubai through the airport.
When I asked him, why is the money moved to Dubai? Why not the BDC cartels stash it in Nigeria where the price can go up any time, he laughed over it and informed us that it is very advantageous for the corrupt BDC operators to get their dollars out of Nigeria, especially to Dubai and China.
The source abruptly asked me how I would want my dollars to be delivered, I asked how he meant? He said many business people who throng to Dubai and China from northern Nigeria to import commodities pay naira equivalent to the BDC cartels here in Kano, Nigeria and they receive the equivalent in dollars in either China or Dubai and that was the reason the BDC cartels moved and continued to move out these FX’s in large quantity.
Codenamed “Kayan Sama,” The BDC Under CBN-radar Racket Keeps Naira Weak
The BDC cartels nicknamed the illegal operation as ‘kayan sama’ and they benefit from commission and fixing dollar prices for the importers.
The source said, so long as the federal government will keep watching as foreign exchange is ferried through the airports, the Naira will never know peace.
Within these two days, price of commodities have started to come down to an extent that a bag of Thailand rice two days ago was sold at 13,500 naira but the dollar manipulations by the BDC cartels have since returned the price of dollar from 360 to 390, creating artificial and persistent scarcity in the process.
It is reported today that the CBN is to begin sale of Forex to BDC twice weekly. What this means is that the BDC cartels will have a field day twice every week.
The CBN has been said to turn a blind eye on these illegal activities as it does not put proper pegs in place to check the illegal sale and transfer of precious dollars. NewsRescue has reported extensively on the Forex racket and how millionaires are being made daily via dual rate forex hustles.
I tried to make contact to the chairman Bureau de change operators operating at Wapa in Kano through my source, but I declined making the contact because my source said they will kill the report, “they wont allow you publish the report, they will buy it up from you” he went on, even suggesting a bribe of 1million naira.
Comrade Alhassan Haruna Dambatta.