Central Bank of Nigeria (CBN) has announced it has halted sales of foreign exchange to the country’s money changers or Bureaux De Change (BDCs) on the grounds that they facilitate illicit financial flows (IFFs) and other financial crimes, including terrorist funding.

As this move blocks one of the country’s most used channels for IFFs, those intent on moving funds illicitly may turn to trade-based financial crime to move their money.

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