….Initiates Moves On Automation Of BDCs The Association of Bureaux De Change Operators of Nigeria (ABCON) has described the ongoing clampdown on and arrest of illegal foreign exchange (FX) dealers across the country as a welcome development capable of improving the efficiency of the FX operations in the parallel and official markets. The National President […]
The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to increase the minimum capital requirement of a foreign exchange trading firm from the current N35 million to N350 million ($454,888) in order to boost the operational capacity. Also, the association recommended to its members to merger […]
Nigeria’s currency – the Naira – further weakened in its exchange rate struggle against the US dollar at the parallel market on Monday, trading at an average of N760/$1 and representing 0.66% decline compared to the N755/$1 it traded at the unofficial FX market last Friday. The Bureau De Change (BDC) dealers in the Federal […]
Nigeria’s currency, the Naira, sustained its depreciation trend in exchange for foreign currencies at the parallel market on Monday, marginally decreasing by 0.13% to trade at an average of N747/$1, from N746/$1 that it exchanged at during last Friday’s trading session. Some of the BDC traders at the Federal Capital Territory (FCT) linked the local […]
The Naira remarkably gained in its exchange rate against the US dollar at the black market on Friday, trading at an average of N760/$1, down from the N768/$1it traded the previous day. Black market dealers in the FCT linked the local currency’s rebound partly to the Supreme Court judgment on the Naira redesign and cash swap […]
The Naira reversed the losing streak in its exchange rate against the US dollar at the parallel market on Tuesday, trading at an average of N760/$1 and representing a 1.94% appreciation from the N775/$1 it exchanged when the market opened on Monday. Some of the FX traders at the parallel market during telephone chat with our […]
The Naira appreciated against the US dollar at the black market in the early hours of Wednesday, trading at an average of N755/$1 at the black market compared to the N756/$1 it exchanged at during the previous day’s trading session. Some of the FX traders in the parallel market attributed the slight rebound of the […]
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to discard the official exchange rate and float the Naira amid the increasingly widening gap between the official market and black market rates in the forex market. The President of the association, Alhaji Aminu Gwadabe, was quoted […]
The Central Bank of Nigeria (CBN) has suspended the sale of foreign exchange (Forex) to Bureaux De Change (BDC) operators in the country with immediate effect. The CBN Governor, Godwin Emefiele, made this disclosure on Tuesday while briefing the media on the decisions taken at the end of the apex bank’s Monetary Policy Committee two-day […]
The Association of Bureaux De Change Operators of Nigeria (ABCON) on Tuesday urged the Central Bank of Nigeria (CBN) to sustain its monetary policy measures aimed at stabilizing the Naira foreign exchange rates for economic growth. A news report by the News Agency of Nigeria (NAN) quoted the National President of the association, Alhaji Aminu […]