Professor Hafiz Abubakar has made a revelation about the rot in Nigeria’s economy.

The former deputy governor of Kano State said bullion vans go to government houses to carry money to bureau de change in broad daylight.

Abubakar stated this during the 21st Daily Trust Dialogue held on Thursday at NAF Conference Centre in Abuja.

The event was themed “Tinubu’s Economic Reforms: Gainers and losers”.

Daily Trust reports that Nigeria is battling with its worst naira depreciation crisis with the local currency exchanging at N1,400 to a dollar at the parallel market as of Thursday January 25, 2024.

There has been an alleged arbitrage in the foreign exchange market with the Bureau De Change (BDC) operators allegedly at the centre of the trade.

Our correspondent reports that the parallel market is the most important market for foreign exchange transactions.

Speaking at the Daily Trust Dialogue, Hafiz Abubakar urged The Central Bank of Nigeria (CBN) to provide a system that will sanitize the unwholesome practice in forex transactions, saying the practice involves a very big risk for the country.

He said, “When I was a student in the 1980s in the United Kingdom, I was fully aware that there was a cap on cash transactions you can hold with bureau de change. Regrettably in our country, it is open.