• BDCs clampdown forces forex transaction underground

    BDCs clampdown forces forex transaction underground

    Foreign currencies transaction at the Bureau de Change segment of the foreign exchange market has been stifled since the clamp down on the operators by security agencies.

    An investigation by the News Agency of Nigeria on Tuesday in Abuja revealed that activities in the segment were conducted in secret since Monday.

    This is because most of the operators do not want to sell the foreign currencies at the price fixed by the Central Bank of Nigeria.

    Operatives of the Department of State Services […]

  • CBN suspends other banks, approves only First Bank for Forex sale to BDCs

    CBN suspends other banks, approves only First Bank for Forex sale to BDCs

    According to reports, the Central Bank of Nigeria (CBN) has suspended commercial banks in Nigeria except First Bank from selling foreign exchange directly to Bureaux De Change operators following their failure to comply with the July 22, 2016, directive to sell inflows from International Money Transfer Operators (IMTO) to BDC.

    The CBN Wednesday also suspended 195 BDCs from the market following their failure to renew their operating licenses.

    Banking sources told THEWILL that a circular on the development was sent to the […]

  • CBN resumes dollar sales to BDCs today

    CBN resumes dollar sales to BDCs today

    According to reports, the Central Bank of Nigeria (CBN) will today resume dollar sales to Bureaux De Change (BDCs) seven months after it stopped the practice.

    It stopped the sales last January because of what it called dollar scarcity and abuse of operating guidelines.

    Speaking to The Nation yesterday, Aminu Gwadabe, Association of Bureau De Change Operators of Nigeria (ABCON) President, said nearly 3,000 BDCs are expected to access dollar from the CBN today.

    He said the BDCs had on Wednesday, funded their […]

  • CBN begins enforcement of dollar sales to BDCs

    CBN begins enforcement of dollar sales to BDCs

    To increase the volume of dollar in the market and stabilise the naira, the Central Bank of Nigeria (CBN) may compel banks to sell foreign currency proceeds of international money transfers to Bureaux De Change (BDCs).

    The CBN is likely to begin the enforcement of its directive to that effect soon, it was learnt yesterday. In a July 22 circular to the banks, titled:  “Sales of foreign currency proceeds of international money transfers to BDCs”, signed by its Acting Director, Trade & […]

  • CBN orders fund transfer operators to sell forex to BDCs

    CBN orders fund transfer operators to sell forex to BDCs

    AS past of efforts to ensure the stability of the naira exchange rate and to encourage all criti­cal stakeholders to participate in the foreign exchange market, the Central Bank of Nigeria (CBN), yesterday directed authorised dealers who are agents to approved international money transfer operators, to sell foreign currency accru­ing from inward money remittances to licensed bureau de change operators in the country.

    The bank in a circular referenced, TED/FEM/ FPC/GEN/01/004, dated July 22, 2016, and signed by Acting Director, Trade […]