The Central Bank of Nigeria (CBN) yesterday released new guidelines which permits Bureau de Change (BDC) operators to purchase up to $25,000 weekly from Authorised Dealer Banks (ADBs) to meet retail market demand. In a circular signed by Dr. W. J. Kanya, the Acting Director of the Trade & Exchange Department at the CBN, the […]
•Bundles of Dollar The Central Bank of Nigeria (CBN), says it has approved 20,000 dollars each for eligible Bureau De Change (BDCs) at the rate of N1,580 to a dollar. This is according to a statement issued by Dr Williams Kanaya, the Acting Director, Trade and Exchange Department of the apex bank. “This is to […]
The Corporate Affairs Commission has said it would cancel the certificates of incorporation of Bureaux De Change whose licences have been revoked by the Central Bank of Nigeria. In February, the CBN revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines, reports Channels TV. In a statement by ...
The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and authorised forex dealers, advising them against rejecting old and lower dollar denominations from customers in the country. According to the apex bank, the directive became necessary as it had been inundated with complaints from customers after it conducte...
•Bandits The federal government says it has uncovered the identity of 15 entities, including nine individuals and six Bureau De Change operators and firms, allegedly involved in terrorism financing. Details of the development were revealed by the Nigerian Financial Intelligence Unit, in an email sent to our correspondent last night, entitled “...
•Dollars The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the [&hellip...
•Naira and Dollars The Central Bank of Nigeria (CBN) has rolled out stringent measures on Bureau De Change (BDCs) as part of measures to tackle the forex crisis in the country. The naira had hit an all-time low of N2,000 against the dollar as the economic crisis in the country took a worse turn, reports […]
Licensed Bureau De’Change operators have expressed support for government’s crackdown on persons selling and buying foreign currencies on the streets. President of the Association of Bureau De’Change Operators of Nigeria (ABCON) Aminu Gwadabe, advised that the ongoing raids and arrests of such traders should not be misconstrued, reports The Na...
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