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Farooq

Posts Tagged "bdc"

HomePosts Tagged "bdc"
  • CBN

Some Bureau de Change operators have mentioned plausible reasons for the steady depreciation of the nation’s currency in spite of series of interventions by the Central Bank of Nigeria, CBN, in the foreign exchange market. They told the News Agency of Nigeria on Wednesday in Lagos that a single market rate, among others, was required […]

  • dollar to naira

Bureau De Change (BDC) operators have said they are badly affected by the trending “uncompetitive rate”, which comes as the Central Bank of Nigeria (CBN) sells dollars to them at higher rate compared to what it sells to commercial banks. According to them, the development is made worse as the BDCs and financial institutions target […]

Gwadabe urged the directors to help CBN reduce the gap between the official and parallel market rates. “As a Nigeria, anytime I see the gap increasing, I become concerned. These gaps are created by currency speculators’ compromise. Speculators are the biggest challenge facing the naira,” he said. He said BDCs are better positioned in networking, […]

  • dollar to naira

The Nigerian naira looks poised for a strong week as the Central Bank of Nigeria (CBN) plans to boost dollar sales to bureaux de change (BDC) outlets or foreign exchange bureaus around the country. The naira is widely expected to appreciate at the black market this week after CBN proposed an increased dollar sale to retail […]

For the first time in several months, officials of the Central Bank of Nigeria (CBN), Department of State Service (DSS), the Police and over 3,000 directors of Bureaux de Change (BDC) operators found themselves under one roof. The emergency meeting, organised at the instance of the Association of Bureaux De Change Operators of Nigeria (ABCON), […]

  • CBN

The Central Bank of Nigeria (CBN) has increased weekly dollar sale to bureau de change (BDCs) operators by 100 per cent to $40,000 per week per BDC effective from next week. The apex bank also disclosed that demand for dollars by banks fell by 65 per cent during its last foreign exchange auction. However the […]

The Association of Bureau De Change Operators of Nigeria (ABCON) has asked for a N10 margin per dollar from the Central Bank of Nigeria (CBN). Granted, ABCON said, it could check operators’ tendency for round tripping. The group resolved to self-regulate to expose erring members, even as they have already set up investigative panel for […]

Nume Ekeghe The Association of Bureaux de Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to review the margin allowed to sell to customers from N2 to N10 and also increase foreign exchange (FX) allocation given to the sub-sector weekly. The acting President, ABCON, Alhaji Aminu Gwadabe said this […]

The Association of Bureau De Change Operators of Nigeria (ABCON) on Monday directed its members to ensure that the Naira appreciated against the Dollar and other major foreign currencies. Its President, Alhaji Aminu Gwadabe, who spoke at the directors’ meeting in Lagos, said that it was important that the members complied with CBN regulation to force down the […]

LAGOS, April 5 (Reuters) – Nigeria’s naira weakened against the dollar on the black market on Wednesday even as the central bank increased the supply of dollars to currency retail bureaux in an attempt to boost support for the local currency. The naira weakened to about 398 a dollar on the black market, against 390 […]