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Farooq

Posts Tagged "forex dealers"

HomePosts Tagged "forex dealers"

At last, the Naira was exchanged at the parallel market yesterday at N378 to a dollar in over seven months, punishing more speculators, barely one month after the currency hit a record low of N520/$. Again, with the Naira gaining stability at all ends, there is a renewed optimism that the desire of the Central […]

By  Paul Wallace and  Emele Onu On the teeming streets of Lagos, the Nigerian mega-city of 15 million people, the once omnipresent money-changers are going underground. They’ve become the latest target of authorities desperate to bolster the naira and crush a black market for foreign currency that’s boomed since the crash in oil prices strangled the […]

  • CBN

James Emejo in Abuja The Central Bank of Nigeria (CBN) on Tuesday warned Nigerians in the Diaspora to desist from patronising illegal International Money Transfer Operators as “they stand the risk of losing their hard-earned money.” According to the apex bank, the unscrupulous operators lure unsuspecting customers with ridiculous exchange rate and use Naira accounts opened […]

Following the announcement by the Central Bank of Nigeria (CBN) of First Bank as the sole authorized dealer for foreign exchange proceeds to licenced Bureau de Change (BDC) operators in the country, the bank has restated its commitment to providing world class financial service. The disclosure came on the heels of the Bank’s strengthened money […]

Naira on Friday maintained its gain over the US dollar after a total of 1,500 Bureaux De Change (BDCs) operators mostly based in Lagos, got supply from Travelex, a global currency dealer, at $15,000 each. Consequently, naira appreciated by N2.00k at the BDC segment of the foreign exchange market as it closed at N470 against […]

Travelex, a global foreign exchange dealer, on Friday resumed sale of dollars directly to travellers at N356 to a dollar. According to the News Agency of Nigeria (NAN) the firm’s office inside the Murtala Muhammed International Airport, Lagos terminal was besieged by hundreds of travellers. It was gathered that some Bureaux de change operators within […]

BUFFETED by recession and a battered national currency, Nigerian authorities are finally beaming the long-delayed searchlight on the activities of Bureaux de Change operators. For long identified as major conduits for money laundering and foreign exchange round-tripping, the BDCs have nevertheless enjoyed a seemingly charmed existence, protected by the peculiar interplay of corruption, political patronage […]

  • CBN

15 international, national banks now eligible, regional, merchant banks to be excluded Shelves N200bn shareholders’ funds as requirement, allays concern over price-fixing By Obinna Chima As trading on the Nigeria Interbank Foreign Exchange (NIFEX), which allows the exchange rate of the naira to be market-driven commences today, the Central Bank of Nigeria (CBN) has moved […]