Tag: bureaux de change

CBN has disclosed it recorded a significant reduction in volume and cost of foreign exchange procurement in 2020

The Central Bank of Nigeria (CBN) has disclosed that it recorded a significant reduction in the volume and cost of foreign exchange procurement in 2020, the year of COVID, when the entire world was on lockdown and businesses closed. The bank said a total of $1.83 billion was procured over[Read More…]

CBN Disburses $240 Million Forex To BDCs

The Central Bank of Nigeria (CBN) resumes this week’s foreign exchange market intervention today with a disbursement of $240 million. Of the sum, $90 million is for invisibles – business/personal travel allowances, medical, school fees, among others, while $150 million goes to interbank wholesale auction window targeted at real sector[Read More…]

Dollar Scarcity Nationwide As DSS Storms Bureaux De Change Offices Arresting Operators

Officials of the Department of State Services (DSS) yesterday raided the offices of some bureaux de change (BDC) in Lagos, Abuja and arrested operators selling above the stipulated exchange rate of N385 per dollar, forcing dollar scarcity nationwide. DSS operatives visited Hajj Camp and Murtala Muhammed International Airport and closed[Read More…]

Nigeria’s Foreign Reserves Drops To Its Lowest Since 2005

Nigeria’s external reserves dropped to about $28.2 billion as at Friday January 29th 2016 according to data available on the website of the Central Bank of Nigeria (CBN). This is the lowest level it has reported since 2005. The CBN has jealously guarded the exchange reserves of Africa’s largest economy[Read More…]

Bureaux De Change Involved In $2.1bn Arms Scandal Will Not Be Spared -Magu

Acting Chairman of Economic and Financial Crimes Commission, Ibrahim Magu, has said that no Bureau De Change operator involved in the ongoing $2.1bn arms deal probe will be spared. Magu, who was speaking during a courtesy call to his office in Abuja by Bureau De Change operators on Tuesday, January[Read More…]

The Naira Rebounds Even After CBN Restrictions, Now N224 To A Dollar

The naira eased against the dollar on the parallel market on Tuesday driven by demand mainly from individuals travelling abroad for summer holidays and importers, traders said. Reuters News Agency is reporting that the local currency was quoted at 224 naira to the greenback on the unofficial market, 0.89 percent[Read More…]