The Federal High Court in Abuja has sentenced two Bureau De Change operators to five years in prison each, with the option of a N2 million fine, for conducting foreign exchange business without a valid licence from the Central Bank of Nigeria. The ruling, reported on Monday, underscores the regulator's ongoing enforcement against unlicensed currency trading in Nigeria.

The Economic and Financial Crimes Commission (EFCC) is preparing to charge a Lagos-based Bureau De Change (BDC) operator, Mukhtar, over allegations of terrorism financing. The EFCC has reportedly completed significant parts of its investigation into the matter, which is linked to a US blacklist.

Dr. Bashir Kurfi, a lecturer in International Finance at Ahmadu Bello University, stated that allegations connecting some Bureau De Change (BDC) operators to terrorism financing are not unexpected. He highlighted the global nature of terrorism and the prevalent use of foreign currencies in illegal transactions during an interview on Trust TV.

Nigeria's Federal Government is preparing to charge a Bureau de Change (BDC) operator who has been sanctioned by the United States for allegedly funding ISIS. This decision follows extensive investigations conducted by the Economic and Financial Crimes Commission (EFCC) and other agencies.

The Federal Government of Nigeria has expressed its support for recent US sanctions imposed on Nigerian Bureau De Change (BDC) operators accused of financing terrorism. The government stated its commitment to collaborating with both domestic stakeholders and international partners to enhance national security.

Several major Nigerian banks, including GTCO, FirstBank and Zenith Bank, have raised the dollar spending limits on customers' international transactions, according to Nairametrics. The move follows years of tight restrictions on dollar-denominated payments imposed because of foreign exchange shortages. The report says the easing of FX scarcity has allowed lenders to expand customers' access to international payments once again.