• Why naira will recover next week – Bureau de Change

    Why naira will recover next week – Bureau de Change

    The Association of Bureau De Change Operators of Nigeria, on Thursday, gave reasons to why the Nigerian naira will be on path of recovery from next week

    The association through its President Ahaji Amin Gwadabe in Lagos said it foresees the naira on the path of recovery by Monday due to the introduction of Travelex, a licensed Forex dealer.

    The president said the licensed Forex dealer would enhance transparency in the distribution network.

    Travelex, an international money transfer organization, was officially directed by […]

  • Bureau de change operator arrested for fraud

    Bureau de change operator arrested for fraud

    A 41-year-old member of the staff of High Flyer Bureau de Change, Ikeja, Omen Samuel, on Tuesday, appeared in an Ikeja Chief Magistrates’ Court for allegedly obtaining N5.7 million under false pretext.

    The Prosecutor, Sgt. Donor Perezi, told the court that the offence was committed between Oct. 7 and Oct.12, 2015 at Muritala Muhammed International Airport, Ikeja.

    Perezi said the complainant, Clement Ebere, paid N5.730, 000 into the accused account to help him send it to his business partner in China.

    Samuel, he […]

  • CBN directs banks to sell forex to Bureau De Change operators

    CBN directs banks to sell forex to Bureau De Change operators

    The Central Bank of Nigeria (CBN) has directed agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licensed Bureau De Change operators (BDCs).

    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, Trade and Exchange Department, Mr W.D. Gotring, is part of efforts to ensure the stability of the Naira exchange rate.

    It also said that the […]

  • EFCC arraigns a Bureau de Change Operator for N28.4 Million fraud

    EFCC arraigns a Bureau de Change Operator for N28.4 Million fraud

    The Economic and Financial Crimes Commission EFCC on Thursday arraigned one Nura Amadi before Justice Olasumbo O. Goodluck of the FCT High Court, Abuja on a 5 count charge bordering on misappropriation of funds and issuance of dud cheques.

    Amadi, a former staff of Balis Bureau de Change Limited, Abuja sometime in 2014 was allegedly entrusted by his company with about N24.4 million including $20,000USD for the purpose of trading for the company, but dishonestly converted same to his personal use.

    In […]