Dr. Bashir Kurfi, a lecturer in International Finance at Ahmadu Bello University (ABU), Zaria, has warned that Nigeria’s economic failures and reliance on foreign currencies are creating openings for terrorism financing through Bureau De Change (BDC) operators.
Speaking on Trust TV on Wednesday, Kurfi said terrorist groups such as Boko Haram and the Islamic State West Africa Province (ISWAP) depend on international financial networks to move funds across borders.
“When you talk of terrorism, it has an international dimension. Groups like Boko Haram and ISWAP have networks across countries, so there will naturally be international movement of funds,” he explained.
Kurfi noted that BDCs, which largely deal in cash and foreign currencies, can easily be exploited for illicit transactions. He emphasized that the US dollar remains the dominant currency in both legal and illegal international dealings.
He blamed Nigeria’s weak economy and poor leadership for the growing preference for the dollar over the naira, describing currency as a symbol of national dignity.
“Once it loses value and public confidence, people begin to look for alternatives,” he said.Kurfi further linked insecurity to illegal mining, stressing that mineral resources often fuel conflicts across Africa.
He called for stronger regulation of the financial sector, improved economic policies, and closer monitoring of mining activities to curb insecurity and illicit financial flows.
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