By Motolani Oseni Special Adviser to the President on Economic Affairs, Dr Tope Fasua, has called for structural reform of Nigeria’s foreign exchange market, including the over 5000 Bureaux De Change (BDCs). Dr Fasua, a leading economist and former Chief Executive Officer (CEO) of Global Analytics Consulting, was recently appointed by President Bola Tinubu as […]
Due to the impact of the COVID-19 pandemic, which has led to the drop in crude oil prices and drastic cut in Nigeria’s foreign exchange earnings, the Association of Bureaux De Operators of Nigeria (ABCON) has advised the Central Bank of Nigeria (CBN) to establish a Voluntary Offshore Asset Repatriation Window to allow more foreign […]
…As ABCON kicks against new directives The Central Bank of Nigeria (CBN) has threatened to sanction banks and review operating licences of Bureau de Change (BDCs) that fail to sell foreign exchange to travelling customers on demand. The CBN’s Acting Director, Corporate Communication, Mr Isaac Okorafor, said that possession of relevant valid travel documents such […]
There is no gainsaying about the positive effects of the Nigeria Interbank Settlement System (NIBSS’s) Bank Verification Number (BVN) validation portal in helping Bureaux De Change Operators (BDCs) in ascertaining the genuineness of BVNs of customers wanting to buy forex. MOTOLANI OSENI examines the impacts of the measures on the foreign exchange, as well as […]
In a bid to reposition the Nigerian foreign exchange market and attract needed liquidity into the market, Bureaux De Change Operators (BDCs) in the country said they are determined to boost foreign investors’ confidence by upholding ethics and professionalism of the job. They believed with this commitment, persisting hard currency scarcity and continual pressure on […]