Tag: BDCs
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Naira depreciates, operators react as CBN extends FX sale period to BDCs
The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators until May 30. This aims to better serve retail market demands.
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CBN releases Dollars to BDCs at N1,021
The Central Bank of Nigeria has approved the sale of an additional 10,000 dollars to 1,583 eligible Bureaux De Change (BDCs) in the country to meet market demands.
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Forex: BDCs beg CBN to sell Naira at N350/$1
Some Bureau De Change (BDC) operators under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have appealed to the Central Bank of Nigeria (CBN) to reduce foreign exchange (forex) buying rate from N360 to N350 to the dollar. President of the Association, Aminu Gwadabe made the appeal on Wednesday after an…
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Forex: Customers ignore BDCs operators, trade directly with banks
Indications emerge over the weekend that over 700 Bureaux De Change (BDC) operators are inactive in the Central Bank of Nigeria’s (CBN’s) Forex Window as forex end users embrace commercial banks. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut…
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CBN’s liquidity boost to BDCs narrowing exchange rate gap – Gwadabe
Alhaji Aminu Gwadabe, the President of Association of Bureau De Change Operators of Nigeria (ABCON), says lower exchange rate gap is due to liquidity boost to the BDCs sector. Gwadabe told newsmen on Tuesday in Lagos that the increase in the weekly volume of foreign exchange offered to BDCs had seen the reduction in the…
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Forex crisis: CBN to release another $10,000 to BDCs
The President, Association of Bureau De Change Operators of Nigeria (ABCON), , Alhaji Aminu Gwadabe has said the Central Bank of Nigeria (CBN) will inject additional 10,000 dollars proceeds of International Money Transfer Services Operators (IMTSO) to 3135 Bureau De Change Operators nationwide. Gwadabe said this in an interview with newsmen on Wednesday in Lagos.…
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Forex Scarcity: BDCs task CBN, media on single market rate
The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the CBN to harmonise the multiple exchange rates prevalent in the forex market to a single rate regime. Alhaji Aminu Gwadabe, President, ABCON, made the call on Tuesday in an interaction with newsmen in Lagos. Gwadabe also appealed to newsmen to adopt a…