Tag "Aminu Gwadabe"

    Banks suspend BDCs’ accounts over tax remittance

Banks suspend BDCs’ accounts over tax remittance

Banks have placed a 'Post no Debit' notice on the accounts of some Bureaux de Change operators, demanding that they remit taxes on their transaction turnover. TheCable had earlier reported that the Federal Inland Revenue Service had ordered banks to freeze the accounts of tax defaulters. Commenting on the development, Aminu Gwadabe, president of the Association of Bureau De Change Operators of [...]

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    BDCs ask to be included in Yuan disbursements

BDCs ask to be included in Yuan disbursements

The Association of Bureaux De Change Operators of Nigeria (ABCON) on Saturday urged the Central Bank of Nigeria (CBN) to approve the Renminbi (Yuan) disbursements to its members, to deepen the China-Nigeria swap deal. Aminu Gwadabe, ABCON president, told NAN in Lagos that the approval would enable BDCs to sell personal and business travelling allowances to its customers in Yuan. According to him, [...]

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    BDCs reject CBN’s new dollar purchase order

BDCs reject CBN’s new dollar purchase order

Bureaux de Change Operators say they are not comfortable with the new forex purchase directive issued by the Central Bank of Nigeria. In a statement on Sunday, the CBN had said banks must now attend to customers' forex needs over the counter and BDCs must purchase forex three times a week. “All BDCs shall henceforth access dollars from the CBN on Mondays, [...]

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    BDCs to commence digital operations with new website

BDCs to commence digital operations with new website

Bureaux de Change operators in the country say they will now offer digital services with launch of their new website, www.naijabdcs.com. Speaking at the unveiling of the website on Wednesday, Aminu Gwadabe, president of the Association of Bureaux de Change Operators of Nigeria (ABCON), said the website will provide the names, contacts and locations of the 3,500 CBN-accredited operators. He said the website [...]

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    Exempt us from VAT, bank charges… BDCs list how to make naira stronger

Exempt us from VAT, bank charges… BDCs list how to make naira stronger

The Association of Bureaux De Change Operators of Nigeria (ABCON) says exemption from value added tax (VAT) and removing or reducing minimum bank charges on their operations will help improve the forex market. Aminu Gwadabe, ABCON president, made these recommendations on Wednesday after meeting other operators to chart how to stabilise the market and make the naira stronger. In addition, he asked [...]

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    Stability in exchange rate ‘will lead’ to appreciation of naira

Stability in exchange rate ‘will lead’ to appreciation of naira

Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), on Tuesday expressed delight over the stability of the naira in the last two weeks. In an interview with NAN, he said the stability in the naira exchange rate would eventually lead to its appreciation. Gwadabe said some International Money Transfer Organisations (IMTOs) were on the verge of concluding plans [...]

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    It’s illegal for BDCs to sell dollar above N356, says association’s president

It’s illegal for BDCs to sell dollar above N356, says association’s president

Aminu Gwadabe, president of the association of bureau de change operators of Nigeria (ABCON), says it is illegal for any of his members to sell one dollar above N356. Gwadabe made the disclosure on Friday during an interview with NAN in Lagos. He said the sale of dollar by Travelex to BDCs was already impacting positively on the market, sustaining the naira [...]

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    Naira tumbles in all market segments, now 445 against the dollar

Naira tumbles in all market segments, now 445 against the dollar

The naira on Monday suffered a severe defeat against the dollar in all the major segments of the market. At the interbank segment of the market, the naira lost 53 kobo to close at N308.32, from N307.79 posted on Friday. Trading at the Bureau De Change (BDC) showed that the naira lost 5 points to exchange at N445 against the dollar, while [...]

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    BDCs: We’ll close the FX gap if CBN brings us in

BDCs: We’ll close the FX gap if CBN brings us in

Aminu Gwadabe, president of the Association of Bureau de Change Operators of Nigeria (ABCON), On Wednesday said the BDC will close the gap between parallel and interbank market rates of the naira if the central bank makes it a primary dealer. Speaking on Business Morning, a programme on Channels Television, Gwadabe said the scenario in the country is not new, explaining that [...]

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    ‘Erratic naira’ now trading between 280 and 310

‘Erratic naira’ now trading between 280 and 310

The naira took a strange turn on Wednesday, trading at varying prices across different sections of the parallel market, appreciating by the highest leaps in 2016. The "official rate" of the black market is now completely unpredictable as various sellers are quoting different prices. Traders told TheCable that the uncertainty in the money market is forcing buyers and sellers to trade at [...]

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    EFCC to go after BDC beneficiaries of armsgate

EFCC to go after BDC beneficiaries of armsgate

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), says Bureau de change operators involved in the ongoing $2.1 billion arms deal probe would not be spared. According to Wilson Uwujaren, EFCC spokesman, Magu made the declaration while speaking to bureau de change operators who paid him a visit in Abuja on Tuesday. Magu also said existing mutual relationship [...]

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    Naira falls to N246 as CBN ‘cuts’ dollar sales

Naira falls to N246 as CBN ‘cuts’ dollar sales

Nigeria's local currency, naira, fell to 246 against the dollar on Thursday, as the Central Bank of Nigeria (CBN) cut sales of dollars to some Bureau De Change (BDC) operators in the country. The naira, which traded at 243 to the dollar on Wednesday, weakened by 1.22 percent to its present trading point of 246 – a far cry from its [...]

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Naira down to 223 against the dollar

The naira, Nigeria’s official currency, weakened by 1.13 percent against the dollar on the parallel market on Monday, as the demand for hard currencies surged. The local currency was trading at 223 to the dollar on the parallel market, down from 220.50 to the dollar on Friday, Reuters is reporting. Aminu Gwadabe, president of Bureau de change operators, spoke to Reuters, saying [...]

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    Naira falls to N218/$1 as stock index rises

Naira falls to N218/$1 as stock index rises

The naira,fell again on Monday, trading at N218 to the dollar on the parallel market, despite growth in the Nigerian stock index same day. The naira, which traded around 208 to 210 over the past week, fell to 213 on Friday, August 28, only to fall again by 2.34 percent to 218, following a higher demand on the dollar. “There is an [...]

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    Naira firms up as CBN sells $80m

Naira firms up as CBN sells $80m

The Nigerian naira on Wednesday firmed up on the parallel market, after the Central Bank of Nigeria (CBN) sold $80 million. The naira was quoted at 221 to the dollar on the parallel market, up 1.36 per cent on the day, after dollar liquidity rose, traders told Reuters. The apex bank sold $80 million to Bureaux De Change (BDC) operators at N197, helping [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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