The Association of Bureaux De Change Operators of Nigeria has revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation. ABCON president, Aminu Gwadabe disclosed this on Friday, noting that the move would tackle volatility and boost regulatory compliance within that market segment. According to him, ABCON […]
FX crisis: BDC operators reveal plan to defend Naira against Dollar
The President of the Association of Bureau De Change Operators of Nigeria, ABCON, Aminu Gwadabe, has said the BDCs are working with the Central Bank of Nigeria, CBN, to ward off an attack on the Naira by speculators amid the recent rise in the dollar at the foreign exchange market. According to NAN, Gwadabe said […]
BDCs ask CBN to ban non-oil exporters from obtaining FX at official market
The Association of Bureau De Change Operators of Nigeria, ABCON, has told the Central Bank of Nigeria, CBN, to ban non-oil export domiciliary account holders from obtaining foreign exchange through the official market. ABCON’s president, Aminu Gwadabe, disclosed this in a Thursday Lagos statement. According to him, preventing non-oil export holders from obtaining FX from […]
Naira appreciation continues amid fresh CBN intervention with BDCs
The naira continued its weeks-long appreciation against the dollar in the foreign exchange market amid the Central Bank of Nigeria’s fresh effort to defend the currency. FMQD data showed the exchange as N1, 230.61 per US dollar on Monday from N1, 251.05. This represents a N20.89 gain from the figure recorded last Friday. Similarly, the […]
Again, CBN sells dollars to BDCs
Again, CBN sells dollars to BD
Naira appreciated by N660 against dollar since BDCs’ return to FX market – Gwadabe
The President of the Association of Bureaux de Change Operators of Nigeria, ABCON, Aminu Gwadabe, says the Naira appreciated by N660 against the US dollar since the Governor of the Central Bank of Nigeria, Olayemi Cardoso, recalled BDC operators into the Foreign Exchange Market. Gwadabe disclosed this to DAILY POST in a statement at the […]
Forex subsidy to BDC operators reason for Naira appreciation – Finance Analyst, Aja
A financial analyst, Kalu Aja has said the Naira appreciation in the foreign exchange market is due to FX intervention by the Central Bank of Nigeria to Bureau De Change operators. Recall that on Monday, CBN sold $10,000 to each BDC at N1,251 per US dollar. Reacting to the development, Aja noted that the move […]
CBN sells dollars to BDCs at N1,251/$1
BDC operators explain Naira appreciation against USD
The Association of Bureau De Change Operators of Nigeria, ABCON, has said the oversubscription of recent FGN securities and clearance of foreign exchange backlog is the reason for Naira’s appreciation against the US Dollar. According to NAN, the President of ABCON, Aminu Gwadabe, disclosed this in an interview. He said the Central Bank of Nigeria’s […]