30 results
- 15 Jan 2021
Stanbic IBTC Bureau De Change Discontinues Operations
Stanbic IBTC Holdings Plc has announced that its Bureau De Change subsidiary, Stanbic IBTC Bureau De Change Limited has discontinued business since January 1, 2021, by relinquishing its operating…
- 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…
- 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…
- 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…
- 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…
- 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,…
- 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…
- 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…
- 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,…
- 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…
- 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…
- 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…
- 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,…
- 13 Aug 2026
SEC Orders Immediate Freeze of Assets Linked to Six Terrorism Financiers, Three Entities
Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the assets of six individuals and three entities designated as terrorism financiers by the Nigeria…
- 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…
- 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…
- 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…
- 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…
- 19 May 2024
ABCON, SEC Partner on Digital Currency P2P FX Sector Harmonization
The Association of Bureau De Change Operators of Nigeria (ABCON) has called for the Securities and Exchange Commission (SEC) guidance and collaboration in harmonising the peer-to-peer forex sector in…
- 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…
- 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…
- 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…
- 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.…
- 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…
- 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…
- 22 Oct 2023
CBN to Sanction Banks Hoarding Dollars
Central Bank of Nigeria (CBN), is about to probe and sanction Deposit Money Banks (DMBs), that are currently sabotaging government’s effort to halt the free fall of the naira in a bid to strengthen…
- 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…
- 12 Jan 2016
CBN Lifts Ban on Dollar Deposits, Withdrawals
Central Bank of Nigeria (CBN) has finally lifted the ban stopping commercial banks from accepting cash deposits of foreign exchange from customers, in order to stem the growing foreign exchange…
- 21 Sept 2021
CBN Faults Calls for Emefiele’s Resignation
Mr Osita Nwanisobi, spokesman of the Central Bank of Nigeria (CBN), has faulted calls from certain quarters for the resignation of Mr Godwin Emefiele, governor, CBN, over issues relating to the…