Bureaux de Change
BDCs seek CBN’s intervention in rising transaction charges by banks
The Association of Bureaux De Change Operators of Nigeria (ABCON), an umbrella body of Bureaux de Change (BDCs) operators is seeking the intervention of the Central Bank of Nigeria (CBN) over what it described as “burden” on operators in the form of charges for transactions by banks.
BDCs, compliance efforts and naira travails
The ABCON President, Alhaji Aminu Gwadabe, in his opening remarks, said CBN was determined to raise liquidity in the forex market provided the BDCs operate within set guidelines.
Uniform exchange rate for BDCs and naira’s stability
In recent years, the pursuit of exchange rate stability has been tough. The drop in crude oil prices and depletion of foreign reserves have led to the depreciation across markets.
Bureaux de change and the economy
The Central Bank of Nigeria (CBN) began to issue guidelines for the operation of bureaux de change (BDCs) in 1989. BDCs are licensed to provide “small scale foreign exchange service” by purchasing foreign currency from small holders....