Their role in currency stability and economic development is still a matter of debate, Bureaux de Change are being portrayed in a very unflattering light because of the underhand activities of some unscrupulous operators.
And in the existing circumstances, the criminal pastime of these crooked BDC operators is cheating customers out of their hard-earned money.
Instead of exchanging the correct equivalent of the value of Naira or other international currency given to them, the operators have perfected, by alleged diabolical means, how to shortchange their customers.
In Nigeria, BDCs are easily accessible as operators are strategically located and dot the landscape of most cities in Nigeria.
And because their rates are often higher than the official exchange rate, Nigerians troop to them for efficient and quick foreign exchange transactions.
Be that as it may, analysts say that BDC operators are using the high patronage level afforded them to cheat unsuspecting Nigerians, pointing out that sanctions by the Central Bank of Nigeria, which has recently come down heavily on BDC operations, must also encompass aspects that seek to fully protect customers who are either buying or selling forex.
Though the CBN states in its “Guidelines to BDCs for Disbursement and Monitoring of Utilisation” that they (BDCs) are expected to maintain a high level of professionalism and transparency in the conduct of their business in line with stipulated guidelines and that any breach shall attract immediate revocation of the BDC license, stakeholders insist that the apex bank can do more.
They urge the Governor of the CBN, Yemi Cardoso, to more than ever work in synergy with law enforcement agencies to bring perpetrators of the so-called “vanishing money” to book.
A 35-year-old housewife and mother of two children, Nneoma Nwaobilo, claims she is a victim of “vanishing money.”
While narrating her ordeal, she told The Point that she had her bitter experience when she drove with her husband to Allen Avenue, Ikeja, so as to be provided with currency exchange by BDC operators.
According to Nwaobilo, when they got to Allen, they met several Hausa and Yoruba men who were jostling to get their attention and render some service.
However, because they could not adequately understand most of the English spoken by the Hausa men they met, they decided to settle for a middle-aged Yoruba man.
Nwaobilo said, “My husband and I drove from Olowu to Allen Avenue. Of course, when you move towards the roundabout at Allen Avenue junction, you will meet BDC operators urging you to exchange money with them at competitive rates.
“We decided to go to the nearby Alade market and on our way, we met several Hausa men but my husband and I could not fully grasp everything they were saying.
“Some of the Hausa men were speaking their dialect. We were a bit confused and so we decided to do business with a middle-aged Yoruba man who had all along been pleading with us to patronise him.
“He took us to his shop and promised to give us the best deal. My husband and I were impressed and so we decided to exchange our money with him.
“We gave him the $200 and he counted N264, 000 and gave us in return.
“My husband first counted the money and I did the same. The money was complete, or so it seemed.
“Before we took our leave, I carefully kept the money in the pockets of the pair of jeans I was wearing.
“While we were heading to the car park, I suddenly became agitated and began to tell my husband that it seemed the money was ‘reducing’ in my pockets.
“My husband simply laughed and said I was imagining things. He also said when we got home, I could count again to allay my fears.
“When we eventually got home, I counted one more time and, lo and behold, N24, 000 was missing from the money. We stared at each other for some time, unable to process what had happened.
“And to our chagrin, when we went back to the shop, the BDC operator told us that there was nothing he could do because we took the money out of his presence. We left there disappointed.”
Another Nigerian, Iliasu Saidu, said he experienced “vanishing money” after he arrived in Nigeria from Ghana.
Though he did not divulge the foreign currency or the amount he exchanged, Saidu however said he needed a few Naira to do some business.
After exchanging the money, Saidu said he got home only to discover that about N35, 000 had vanished from the money he got at the BDC in the airport.
“I returned home from Ghana in April and wanted to exchange some of the foreign currency with me for business purposes only.
“At the Murtala Muhammed International Airport, I saw a BDC outlet and walked straight to their counter.
“I exchanged the money with me and even tipped the young man who attended to me before placing the money in my purse.
“Thereafter, I booked Bolt online and when I got home, payment was also made online as I did not have cash with me.
“I got into my apartment, entered my room and brought out the money I exchanged so that I could re-count.
“By the time I finished counting, about N35, 000 was missing. I was shocked.
“My wife told me to go to the police to report what had happened but I refused. I decided to leave everything in God’s hands,” Saidu concluded.
“In the court, it will be very difficult to prove since it was not a case of stealing, physical attack or direct defrauding. This is by metaphysical means, or should I say diabolical means, and it is difficult to prove in law, both in the court and outside the court”
Meanwhile, an official of the BDC operators on Allen Avenue who did not want his name mentioned had defended their operations, explaining that there could be “workers” among them who would want to tarnish their image.
He, however, urged Nigerians to be very observant when dealing with BDC operators.
He said, “Unfortunately, there will also be bad eggs in this business.
“It is therefore possible that some of those who work for us can decide to stain their hands with these things you mentioned and tarnish our image.
“One way or the other, we will arrest them but Nigerians must be very observant when dealing with BDC operators.”
On his part, a senior lawyer, Fred Aigbadumah of De Masters Law Chamber said that the crime was “African magic” in action and that such crime is carried out by metaphysical means.
Aigbadumah also said Nigerian laws do not recognise “juju” and “African magic” and that it would be very difficult for the victims to prove their case against suspected BDC operators in court, or even outside the court.
“If the victims have stated that they counted their money in the presence of the BDC operators and it was complete before they left, the operators can stand on that and deny any allegation of wrongdoing.
“In the court, it will be very difficult to prove since it was not a case of stealing, physical attack or direct defrauding. This is by metaphysical means, or should I say diabolical means, and it is difficult to prove in law, both in the court and outside the court,” he said.
However, Aigbadumah said if the victims were sure about the culpability of the BDC operators, they could write a petition to the Economic and Financial Crimes Commission.
The notary public of the Supreme Court advised victims to go to the EFCC instead of the Police. In his opinion, the police sometimes detain victims and ask them to produce suspects.
Moreover, he said the alleged crimes were economic crimes and the EFCC investigation might reveal that it was the stock in trade of the BDC operators concerned.
However, he said one of the shortcomings of approaching the EFCC is that the anti-graft agency doesn’t always handle cases involving money below a certain limit.
“It used to be N1 million and above before the EFCC would get involved. But because of the barrage of people approaching it, they have increased the limit.
“So, if the money is not much, they may not reply to related petitions,” he said.
Aigbadumah suggested that victims ought not to remain silent about the crime, as that would encourage other victims to come forward with information relating to the crime.
He noted that the victims’ action would make “restorative justice,” a deterrent to future occurrences, to prevail.
