30 results
- 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…
- 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…
- 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.…
- 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 Sept 2016
CBN Blames Sanusi, Soludo for Forex Crisis
Mr. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has blamed Lamido Sanusi and Professor Chukwuma Soludo- his predecessors for the current foreign exchange crisis in the country.…
- 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…
- 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…
- 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,…
- 4 Feb 2016
Airline Operators Appeal to FG on Forex Restriction
The Airline Operators of Nigeria (AON) yesterday appealed to the federal government to rescind its decision to restrict supply of foreign exchange to only bureaux de change in the country. Nogie…
- 17 Dec 2023
Bank Audit Leaders Urge CBN to Strengthen Fintech Regulations
The Association of Chief Audit Executives of Banks in Nigeria has called for stricter regulations of the fintech space as well as the operations of the Bureaux de Change. The association also hailed…
- 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…
- 13 Feb 2020
CBN Looks Elsewhere as Illicit Financial Flows Hit $17 billion -Stakeholders
Central Bank of Nigeria (CBN), must take a bold step in designing preventive measures and enforcing regulations that would curb commercial banks and individuals arbitrariness engaged Illicit…
- 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…
- 18 Sept 2017
Illegal Dollar Evacuation to Dubai Threatens Naira
Alhaji Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON), has said that consistent evacuation of dollars illegally from Nigeria to Dubai is a threat to…
- 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,…
- 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…
- 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…
- 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…
- 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…
- 13 May 2024
IMF Urges CBN to License Cryptocurrency Dealers
International Monetary Fund (IMF) has explained why the Central Bank of Nigeria (CBN) should issue operating licences or register cryptocurrency dealers. In its 2024 Staff Report released at the…
- 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…
- 23 Jan 2025
CBN’s FX Code to Boost Transparency for Launch on January 28
The Central Bank of Nigeria (CBN) said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025. The FX code serves as a…
- E-Financial16 Aug 2026
PwC Nigeria Points at Ambiguities in Virtual Assets Tax Rules
PwC Nigeria have said Nigeria’s new tax guidelines for virtual assets provide welcome clarity but leave practical and legal uncertainties that could complicate
- 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…
- 9 Dec 2013
CBN Accuses NNPC of Withholding $49.8Bn
Mallam Sanusi Lamido Sanusi, governor, Central Bank of Nigeria (CBN) has alleged that the Nigerian National Petroleum Corporation (NNPC) failed to remit $49.8 billon (about N8 trillion) to the…
- 3 Jul 2015
CBN Raises Alarm over Smuggling of Forex through Borders
Central Bank of Nigeria (CBN) has raised alarm over the on-going massive smuggling of foreign currencies out of the country through her borders. This followed the restrictions placed on importers of…
- 16 Jul 2015
Nigeria Must Devalue the Naira to Survive - S&P
Nigeria will have to devalue its currency at some stage, possibly by more than 15 percent, ratings agency Standard & Poor's said on Wednesday, though it saw the adjustments as likely to be…
- 2 Aug 2015
CBN Expresses Concern over GFI Report on Nigeria in Illicit Financial Flows
Central Bank of Nigeria (CBN) notes with concern a recent report by the Global Financial Integrity group, which ranks Nigeria as one of the 10 largest countries for illicit financial flows in the…
- 13 May 2016
Naira Falls to N370/S as Importers Chase Forex
The sharp depreciation of the naira in the parallel market triggered by the deregulation of petrol importation continued yesterday, with the naira depreciating to N370 per dollar. The Petroleum…