Bureau de Change operators in Nigeria have been granted temporary permission to purchase up to $25,000 weekly in foreign exchange from the Nigerian Foreign Exchange Market by the Central Bank of Nigeria (CBN). This will take effect from December 19, 2024, to January 30, 2025. The CBN announced this in a circular published by the…

The police have arrested 17 suspected forex hawkers for illegal operation of Bureau de Change in Wapa area of Fagge Local Government Area of the state. The Commissioner of Police, Mr Usaini Gumel, told the News Agency of Nigeria(NAN) in an interview on Wednesday. ”The operation which was led by the Police Command was carried…

Shop owners in a commercial building near Ekiosa market in Benin City, Edo State capital have counted their losses following a fire outbreak that occurred in the early hours of Tuesday and destroyed goods worth billions of naira.

The Central Bank of Nigeria (CBN) has informed Bureau De Change (BDC) operators about direct sales of US dollars at a discounted rate of N1,021 per dollar. The directive was contained in a circular issued by the apex bank on Tuesday, 23 April 2024. This is the second sale this month and the fourth in…

Naira may be on course to regain N1000/$ (an exchange rate though implausible as early as a month ago) in the near time if the current bullish outlook of the market is sustained.

The Central Bank of Nigeria (CBN) has approved the sale of $10,000 to Bureaux De Change (BDC) operators at the rate of N1,101 to a dollar. CBN Director, Trade and Exchange Department, Dr. WJ Kanya, in a circular said BDC operators are not permitted to sell a dollar above N1,117. It directed each BDC to…

The Central Bank of Nigeria (CBN) on Friday revoked the license of 4,173 bureaux de change (BDC) operators. CBN's spokesperson Hakama Sidi Ali announced this in a statement. Sidi Ali said the affected institutions listed on the CBN website failed to comply with regulations, including the "payment of all necessary fees, including license renewal, within…

Despite the demolition, yesterday by the Federal Capital Development Authority (FCDA) of buildings, shops and shanties housing Bureau De Change (BDC) operators in the latter’s Wuse Zone 4 headquarters, agents were still seeing around the premises shopping for customers.

The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to eligible Bureau De Change (BDC) operators. CBN's Director of Trade and Exchange Department, Dr. Hassan Mahmud, in a statement said the bank has observed "continued price distortions at the retail end of the market, which is feeding into the parallel market…

Presidential candidate of Labour Party (LP) in the 2023 general elections, Peter Obi, yesterday, advised federal agencies against arresting Bureau de Change operators, noting that they are not responsible for the free fall of the Naira.

The Central Bank of Nigeria (CBN) on Friday said it is considering raising the minimum capital requirements for Bureau De Change (BDC) operators to N2 billion for Tier 1 licenses while it would be N500 million for Tier 2 licenses.

Operatives of the Economic and Financial Crime Commission, (EFCC) raided and arrested over 50 illegal Bureau De Change operators in Wuse Zone 4 Abuja, on Monday.