The naira has in over 18 months remained stable at both the official and parallel markets despite several odds facing it ahead of the 2019 general elections, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr.) Aminu Gwadabe has said. Speaking to journalists in Lagos, the ABCON boss commended the Central Bank […]
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The Association of Bureaux De Change Operators of Nigeria (ABCON) will tomorrow launch its live run automation portal in Lagos. The initiative is expected to automate all BDCs’ operations with the Nigeria Inter-bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU) and Central Bank of Nigeria (CBN). It is aimed at improving the level of […]
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The Acting Chairman, Economic and Financial Crimes Commission (EFCC) Mr Ibrahim Magu has cautioned Bureau de Change (BDC) operators in the country against aiding corrupt practices of some politicians. Magu made this known at a meeting with the Association of Bureaux De Change Operators of Nigeria (ABCON) in Abuja on Thursday. In a statement by […]
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The Association of Bureaux De Change Operators of Nigeria has said that the 163 per cent increase in dollar sales to bureaux de change, to the tune of $3.1 billion in the first half of the year, helped to sustain exchange rate stability and protected 25,000 jobs in the subsector. The President, ABCON, Alhaji Aminu […]
Read More The Central Bank of Nigeria issued new operational licences to 366 Bureau De Change operators between January 2018 and May 31, 2018, a new report by the apex bank indicated. The report on the ‘Functions, operational guidelines and compliance for BDC operations in Nigeria’ was prepared by the Other Financial Institutions Supervision Department of the […]
Read More The Central Bank of Nigeria, CBN, yesterday confirmed operations of 4,106 Bureau De Change (BDCs) and 76 finance houses. The report on approval, posted on CBN website, also showed that the apex bank confirmed the operations of 1,028 microfinance banks (MfBs), two regional banks, three banks with Holding Company structures, five merchant banks, one non-interest […]
Read More As the Central Bank of Nigeria (CBN) at the weekendordered all Deposit Money Banks (DMBs) to sell forex to travellers over the counter, the Association of Bureaux De Change Operators of Nigeria (ABCON) has kicked against the order calling on the regulator to review BDC’s dollar purchase rate to align with rate commercial banks’ buying […]
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In what has become a sustained intervention, the Central Bank of Nigeria (CBN), yesterday, injected additional $195 million into the inter-bank foreign exchange market to keep it liquid. Figures released by the apex bank show that it injected $100million into the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received $50 million. The […]
Read More The Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday, pledged to assist in reducing the plight of the Internally Displaced Persons (IDPs) in the North-East. Alhaji Aminu Gwadabe, President of the group, made the pledge in an interview with the News Agency of Nigeria (NAN) in Lagos. Gwadabe said that members of […]
Read More The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the Central Bank of Nigeria (CBN) on steps to sustain the naira’s recovery against dollar. The naira has remained at ₦362/$1 at the parallel market in the last one week, a major improvement from ₦520/$1 in February. In a statement released yesterday, ABCON […]
Read More Directors of over 3,000 Bureaux De Change operators will today hold a special meeting aimed at taking strategic decisions to force down the exchange rate on the parallel market. The association, in a statement on yesterday, said the emergency meeting followed last week’s sudden depreciation of the naira against the dollar, pointing out that the […]
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The Central Bank of Nigeria (CBN) on Monday continued boosting the country’s foreign exchange liquidity with 240 million dollars, part of which 150 million dollars will go to dealers in the interbank wholesale window. Those who stand to gain from the sales through the interbank wholesale auction window include manufacturers, importers of aggro-machineries, plants and […]
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