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 […]
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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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The Central Bank of Nigeria has tactically made Bureaux De Change (BDC) operators inactive in the Apex Bank’s Forex Window as forex end users embrace commercial banks. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut BDCs’ turnover, putting their […]
Read More In line with its effort to sustain the interventions in the foreign exchange market of the nation’s inter-bank market, the Central Bank of Nigeria (CBN), has issued fresh licenses to a list of 3,389 approved Bureaux De Change (BDCs) operators as at August 8th, 2017. This represents an increase by 150, the number of those […]
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In line with naira sustenance programme, the Central Bank of Nigeria (CBN) yesterday injected $254.3 million into the retail segment of the Nigerian inter-bank foreign exchange market. Information obtained from the CBN, yesterday, indicated that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales (SMIS), thereby […]
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The 3,239 bureaux de change (BDCs) approved by the Central Bank of Nigeria (CBN) got $520 million from the apex bank dollar interventions in the last four weeks, correspondent reports. The funds, followed $40,000 per BDC weekly dollar allocations from the CBN, in its commitment to deepen liquidity in the foreign exchange market. A circular […]
Read More Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), has said that the new foreign exchange window for investors and exporters would restore investors’ confidence in the market. Gwadabe told newsmen in an interview on Wednesday in Lagos that the effective utilisation of the window would make the Naira stronger and […]
Read More The Central Bank of Nigeria (CBN) will announce a new foreign exchange rate for licensed Bureaux de Change operators (BDCs) on Monday. Giving this hint at the weekend was Isaac Okorafor, the Acting Director, Corporate Communications of the CBN. Speaking in an interview with The Nation, Okorafor who confirmed this development however kept the new […]
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No fewer than four commercial banks yesterday disbursed the first batch of diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), as directed by the Central Bank of Nigeria (CBN). United Bank for Africa (UBA) Plc, First Bank, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each […]
Read More The Central Bank of Nigeria has ordered agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators. The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website”. The circular by the Acting Director, […]
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