30 results
- 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…
- 27 May 2018
CBN to Sanction Banks, Revoke BDCs Licenses for Forex Hoarding
Central Bank of Nigeria (CBN) on Sunday threatened to sanction banks and review operating licences of Bureau de Change (BDCs) that fail to sell foreign exchange to travelling customers on demand.…
- 3 Sept 2021
Naira Crashes to N532/$ at Parallel Market as CBN Vacates PND on 33 BDCs
The naira on Friday traded at all time low of N532 to dollar at the parallel market. The naira also dropped among other major currencies as it exchanged at N621/Euro, N721/ British Pounds Sterling.…
- 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…
- 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…
- 26 Jan 2014
CBN Removes Weekly Sales Limit on BDCs
Central Bank of Nigeria (CBN) has removed the $250,000 weekly foreign exchange sales limit placed on bureaux de change (BDC) operators in the country, in a move to prevent Naira’s further fall. The…
- 6 Sept 2024
CBN Sells FX to BDCs @N1 580/$ 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…
- 11 Nov 2016
Naira Makes “Miraculous” Recovery as DSS, EFCC Raid BDCs
The Naira on Friday strengthened against the dollar in all segments of the foreign exchange markets, as officials of the Department of State Services (DSS) and Economic and Financial Crimes…
- 20 Mar 2024
FG Names 15 Terrorism Financiers, BDCs
Federal government said that it has uncovered the identity of 15 entities, including nine individuals and six Bureau De Change operators and firms, allegedly involved in terrorism financing. On…
- 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…
- 19 May 2019
ABCON Urges Members to Activate Official emails and Shun Yahoo, Gmail
Association of Bureaux De Change Operators of Nigeria (ABCON) has enjoined all Bureuaux de Change (BDCs) licensed by Central Bank of Nigeria (CBN) to create or activate over 4,000 official/ corporate…
- 28 Dec 2020
ABCON Seeks to Become Payment Agents for Diaspora Remittances
The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDCs) payout agents for Diaspora remittances. Alhaji…
- 1 Apr 2014
Exposed! How Cash Cartels are Conspiring to Kill the Naira
A lethal gang of unscrupulous expatriates; some Deposit Money Banks (DMBs; and Bureau de Changes (BDCs) have all conspired to ensure that the Central Bank of Nigeria (CBN) fails to salvage the…
- 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…
- 8 Dec 2013
Naira May Hit N200 to $1 By 1Q14-Analysts
Nigerians are sharing bitter experiences over the slipping trend of the naira. Newspapers had reported that the Naira weakened to N171 to the United States dollar at the BDCs by the close of…
- 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…
- 24 Jun 2014
CBN Moves to Check Pressure on Naira
Central Bank of Nigeria (CBN) in a bid to check the persistent depletion in the country’s external reserves yesterday released fresh guidelines for Bureau De Change operators. The development…
- 1 Oct 2013
CBN Bans Importation of Foreign Currency
Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval. This is coming on the heels of the apex bank’s withdrawal of the operating licence of 20…
- 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 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,…
- 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…
- 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…
- 26 Jun 2014
Reps Summon CBN Gov over Bureaux de Change Capital Base
House of Representatives yesterday summoned Mr. Godwin Emiefele, Governor of the Central Bank of Nigeria (CBN) over the new capital base of N35m set for Bureaux De Change operators by the…
- 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,…
- 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…
- 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…
- 2 Nov 2014
CBN Probes 2 Banks for Forex Malpractices
The Central Bank of Nigeria (CBN) has commenced investigation of two banks for foreign exchange malpractices, according to report by Vanguard Newspapers. The two Tier 2 banks are being investigated…
- 27 Jul 2021
No More Forex Sales to Bureau De Change Operators- CBN
Central Bank of Nigeria (CBN) has stopped the sales of forex to the Bureau De Change operators in the country with immediate effect. Godwin Emefiele, governor, CBN, disclosed this after the Monetary…
- 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 Jul 2017
NIMC Ready to Provide ID Verification Services to Insurance, Pension Sectors
National Identity Management Commission, (NIMC) said all is now set to deploy NIMC Verification Service (NVS) to the Insurance and Pension sector, following the successful implementation and adoption…