Tag: Bureau De Change

Forex: Bureau De Change operators urge CBN to lift ban

Aminu Imam

The Association of Bureaux De Change Operators of Nigeria, (ABCON), has urged the Central Bank of Nigeria, (CBN), to reconsider the ban to allow BDC operators receive Diaspora remittances in 2022. This was disclosed in a statement released at the weekend, signed by ABCON President, Alhaji (Dr.) Aminu Gwadabe. According to him, the BDC industry’s yearly transaction volume of over N1 trillion is in jeopardy, while enormous capital investment in the sector is becoming obsolete, eroding, and winding down. Gwadabe suggested that, just as the CBN de-risked the agricultural sector,…

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CBN stops selling forex to Bureaux-de-Changes operators 

Aminu Imam

…Retains lending interest rate at 11.5% The Central Bank of Nigeria (CBN) has announced the stoppage of the sale of foreign exchange to Bureaux-de-Changes, (BDCs), accusing international bodies operating in Nigeria of sabotage. The CBN governor, Godwin Emefiele, who disclosed this yesterday, shortly after the Monetary Policy Committee (MPC) meeting, accused BDCs of deliberate economic sabotage and misusing the weekly $20,000 allocation to them. He also said CBN will no longer renew licences of BDCs. The apex bank also accused international agencies and embassies operating in Nigeria of illegally patronising…

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BDC operators move to crash exchange rate, ban street hawking of dollars

Aminu Imam

…Unanimously warn against proposed VAT increment  Forex traders under the aegis of the Association of Bureau-de-Change Operators of Nigeria, (ABCON), have said they will start what it called: ‘Operation No Street Trading’ to stop the hawking of foreign exchange by BDC operators. This disclosure was made by the President of ABCON, Aminu Gwadabe, who said that this was part of the resolutions made unanimously by BDC directors at the meeting of the operators on Tuesday, in Lagos. This, it said, is part of the measures aimed at bringing down the…

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