30 results
- 23 Feb 2024
CBN Raises BDC’s Share Capital to N2bn
Central Bank of Nigeria (CBN) has proposed two categories of Bureau De Change (BDC) licence- Tier 1 and Tier 2- that would see the minimum capital requirement of operators in the former and latter…
- 16 Jul 2026
CBN Introduces Digital Tracker to Monitor BDC Forex Transactions
The Central Bank of Nigeria (CBN) has launched a new system to monitor how Bureau De Change (BDC) operators buy foreign exchange in the country. Under the new arrangement, all licensed BDCs must…
- 3 Jan 2022
BDC Operators Beg CBN to Lift Forex Ban
Association of Bureaux De Change Operators of Nigeria (ABCON), has urged the CBN to reconsider the ban to allow BDC operators receive diaspora remittances in 2022. This was disclosed in a statement…
- 22 Dec 2024
CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season
Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators will have temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000…
- 2 Mar 2009
CBN Restructures Operations of BDC
The Central Bank of Nigeria is to review the licenses of Bureau de Change (BDC) operators in a move aimed at sanitizing that segment of the foreign exchange market. Professor Chukwuma Soludo,…
- 26 Sept 2013
CBN Revokes 20 BDC Licenses
Central Bank of Nigeria (CBN) has revoked the licences of 20 Bureaux de Change (BDC) companies for foreign exchange malpractice, according to Malam Sanusi Lamido Sanusi, governor of the bank. Sanusi,…
- 2 Jul 2014
BDC Operators Meet National Assembly, CBN over Capital Base
Operators of the Bureau de Change yesterday met with the Committees on Finance of both chambers of the National Assembly to seek the intervention of the federal lawmakers on the recent N35m imposed…
- 14 Jan 2016
BDC Operators Sabotage CBN, Naira Tumbles to All-Time Low
The Naira dropped to a record low of 305 per dollar at the black market on Wednesday as the new policy of the Central Bank of Nigeria (CBN) failed to lift the local currency. Financial experts also…
- 28 Jul 2021
BDC Forex Ban: Banks Will Corner, Hoard Dollars- Mailafia
Dr. Obadiah Mailafia, former deputy governor of the Central Bank of Nigeria (CBN), has said that commercial banks in the country cannot be trusted with forex sales, adding that they will “corner” the…
- 16 Jan 2016
CBN Plans to Impose Travelex on Nigerians- BDC Operators
Association of Bureau de Change Operators of Nigeria (ABCON), has accused the Central Bank of Nigeria (CBN) of plotting to make Travelex, a foreign company the only official outlet for retail foreign…
- 18 Apr 2016
Yuan Deal Forces Dollar to Retreat – BDC Operators
The federal government’s plan to increase the availability of renminbi (Yuan) was already favouring the Naira against the dollar, Mr Aminu Gwadabe, president, Association of Bureau De Change…
- 14 Jul 2016
BDC Operators Worry as Naira Crashes to N357/Dollar
The Naira on Wednesday dipped further against the dollar at the parallel market as traders at the market cited the scarcity of the greenback as reason for the extension of loses of the Naira. It lost…
- 15 Jul 2016
Naira Becomes Africa's Worst Currency, Closes N363/$1 @ BDC
The Naira took a dive on Thursday at both parallel and official markets, becoming the worst performing currency in Africa in 2016. At the Nigerian parallel market, the naira fell to its lowest level…
- 3 Jul 2020
Court Jails Hackers Who Stole N2.Bn from Union Bank
Economic and Financial Crimes Commission (EFCC) has secured the conviction of one Abass Mohammed and Ibrahim Saidu Jogal, a Bureau De Change (BDC) operator. c They connived to hack into the Flexcube…
- 17 Jul 2026
CBN to Monitor Every Dollar with FXBT, Forex Tracker
Central Bank of Nigeria (CBN) has launched a new digital platform to track every foreign exchange transaction involving Bureaux De Change (BDC) operators, marking a major step in its efforts to…
- 2 Mar 2016
Illegal BDCs Manipulate Forex Market- Gwadabe
Alhaji Aminu Gwadabe, president, Association of Bureau de Change Operators in Nigeria, said unauthroised persons posing as Bureau de Change (BDC) operators caused irregular fluctuations in the…
- 24 May 2024
CBN Makes Clarification on Revocation of Licenses of BDCs
Central Bank of Nigeria (CBN) has made a clarification on the reported revocation of licenses of Bureau De Change (BDCs). It was reported earlier that in the updated regulatory guidelines for BDC…
- 6 Sept 2024
CBN Sells FX to BDCs @N1 580/$ to Boost Liquidity
Central Bank of Nigeria (CBN) has approved the sale of dollars to bureau de change (BDC) operators at a rate of N1,580 per dollar. In a circular signed by W.J Kanya, the acting director of the trade…
- 27 Jan 2025
CBN Waives 2025 Licence Renewal Fee for Bureaux de Change Operators
Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all bureaux de change (BDC) operators. Jonah Onojah, director of the financial policy and regulation department, announced…
- 26 Jan 2014
CBN Removes Weekly Sales Limit on BDCs
Central Bank of Nigeria (CBN) has removed the $250,000 weekly foreign exchange sales limit placed on bureaux de change (BDC) operators in the country, in a move to prevent Naira’s further fall. The…
- 19 Jul 2024
CBN Resumes Forex Sales to BDCs with $20,000 Ceiling to Each Licensee
Central Bank of Nigeria (CBN) resumed dollar sales to Bureaux De Change (BDC) operators on Thursday July 18, with a planned disbursement of $20,000 to each licensee. The apex bank said the forex…
- 10 Feb 2016
WorldRemit Raises $45m for Next Phase of Growth
Money transfer service WorldRemit has raised $45m in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank. Pioneering a mobile-first approach to remittances, WorldRemit will…
- 2 Feb 2016
Bureaux de Change Operators to Sack 30,000 Workers
Alhaji Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), yesterday said that some 30,000 bureaux de change (BDC) workers would be sacked within the first quarter…
- 1 Mar 2024
CBN Revokes Licenses of over 4,000 Bureau De Change Operators
Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change (BDC) operators in the country. Yemi Cardoso, CBN Gov The CBN’s Acting Director of Corporate Communications, Sidi Ali…
- 19 Feb 2016
Exporters, Others Responsible for Haemorrhaging Naira- CBN
Central Bank of Nigeria (CBN) says autonomous sources such as exporters and correspondent banks now control the price of dollars in banks and the Bureau de Change (BDC) segment. Mr Mu’azu Ibrahim,…
- 24 Mar 2017
Forex Dealers Panic as Naira Recovers to N385/$
The Naira Thursday appreciated to N385 per dollar in the Abuja segment of the parallel market, causing panic and confusion among bureaux de change (BDC) operators. Alhaji Aminu Gwadabe, president,…
- 8 Apr 2017
EFCC Discovers N.5Bn Hidden in Lagos Plaza
Economic and Financial Crimes Commission (EFCC) on Friday recovered N449 million in an abandoned bureau de change (BDC) in Victoria Island, Lagos. Wilson Uwujaren, spokesman of the commission,…
- 10 Nov 2016
CBN Fines Standard Chartered Bank N2Bn for FX Infraction
Central Bank of Nigeria (CBN) has reportedly fined Standard Chartered Bank N2billion for foreign exchange infraction. The bank, according to Thisday newspaper, drew the apex bank’s anger for buying…
- 6 Dec 2013
Naira Hits N171 Per Dollar as Banks Halt Sale of Forex
The Naira has hit N171 to one United States dollar at the Bureau-de-changes (BDCs), only outlets currently selling to the public besides the parallel market. Banks are currently reluctant to sell…
- 13 Oct 2019
VAT Hike Will Worsen Unemployment, Poverty- ABCON
Association of Bureaux De Change Operators (ABCON) has warned against the proposed increase in Value Added Tax (VAT) to 7.2 per cent from five per cent. The group insisted that the increase…