24 results
- 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…
- 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…
- 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,…
- 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…
- 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…
- 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…
- 5 Aug 2016
Naira Hits N400/Dollar as Forex Scarcity Worsens
The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country, according to…
- 13 Mar 2020
Naira Crashes to N420 to Dollar over COVID-19
The Naira exchanged between N405 and N420 to the dollar yesterday as panic buying by foreign currency traders triggered another round of depreciation of the local currency. Also at the Investors…
- 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…
- 15 Jul 2015
NNPC’s Withdrawal of $1.2Bn Triggers Panic in Banks
Nigerian National Petroleum Corporation (NNPC) has withdrawn $1.2 billion (N240 billion) from banks, triggering more dollar liquidity squeeze in the money market and causing the value of the naira to…
- 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…
- 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
FG Lacks Ideas to Turnaround Economy, Gloom Ahead- Bloomberg
Bloomberg, the very authoritative new source has reported that President Muhammadu Buhari’s government lacks ideas on how to reverse Nigeria’s economic conundrum and warned that the country’s economy…
- 21 Jul 2016
Confusion as Naira Falls to N373 to Dollar
The foreign exchange market swung left and right yesterday, forcing the Naira to drop to a new low in both the official and parallel markets, exchanging at N292.90 and N373 to the dollar respectively…
- 25 Aug 2016
Naira Hits Record Low of N409/Dollar, Stocks Sink at NSE
The Naira fell to an all-time low of 409 to the dollar on the black market on Thursday, compared with 402 the previous day, after the suspension of some banks from forex trading made dollars even…
- 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…
- 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…
- 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…
- 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 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…
- 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…
- 2 Apr 2015
Naira Gains 7%, now N211 on GMB Victory
The naira appreciated by seven per cent to 211 against the United States dollar at the parallel market following the victory of the candidate of the All Progressives Congress, Gen. Muhammadu Buhari,…
- 20 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…
- 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…