Bureau De Change

The Central Bank of Nigeria (CBN) has said that foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above are required to declare their forex sources. The apex bank stated this in a revised…

The Central Bank of Nigeria (CBN) has approved 2,991 Bureau de Change (BDC) dealers to operate in the market, giving the boot to 2,698. BDCs in Nigeria are the major influencers of exchange rates and the new development may be in…

The foreign exchange policy of the Central Bank of Nigeria (CBN) is unconventional, frosted with administrative fiat, and berated of market fundamentals, the President of the Association of Bureau De Change Operators of Nigeria (ABCON),…

Stanbic IBTC Holdings Plc has relinquished its Bureau de Change license, thereby exiting the business effectively January 2021. Chidi Okezie, its company secretary Wednesday said the discontinuation of operations of the BDC business was…

The naira suffered a further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel…

The Central Bank of Nigeria has said that it will resume sales of foreign exchange to operators of Bureau de Change (BDCs) from Monday, September 7, 2020. According to a statement from the apex bank on Wednesday, the decision to…

AMINA HUSSAINI In a move to strengthen the naira, the Central Bank of Nigeria (CBN) plans to resume dollar sales to Bureau De Change (BDC) operators on September 7. The BDCs are to get $10,000 twice weekly. They are to fund their…

The Central Bank of Nigeria (CBN) has said it would restart the auctioning of foreign exchange to bureau de change (BDC) operators once international flights resume. The Director, Corporate Communications of the CBN, Isaac Okorafor,…

...BAIL REQUEST SUFFERS SETBACK The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, may remain longer in detention as the Inspector General of Police (IGP), Mohammed Adamu, has denied…

A Federal High Court sitting in Lagos has adjourned till July 10 for the Economic and Financial Crimes Commission (EFCC) to present its remaining witnesses and close its case against social media celebrity, Ismaila Mustapha popularly known…