Monday, September 10, 2018

Tag "BDCs"

    Constitutionality of banks as tax collectors

Constitutionality of banks as tax collectors

BY ABUBAKAR SANIThe Association of Bureau De Change Operators of Nigeria recently raised an alarm over the on-going practice of banks denying their members access to their funds on the strength of a directive purportedly issued by the Federal Inland Revenue Service (FIRS) appointing the banks as collection agents in respect of tax which it unilaterally determines is due from [...]

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    CBN directs BDCs to sell dollars at 362/$1

CBN directs BDCs to sell dollars at 362/$1

The Central Bank of Nigeria (CBN) has directed bureau de change operators (BDCs) to sell the dollar at N362 to  Nigerians in need of it.This directive comes barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail end-users at not more than N360/$1 for invisibles.Isaac Okorafor, the [...]

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    CBN to increase FX sales to us this week, says BDC president

CBN to increase FX sales to us this week, says BDC president

Aminu Gwadabe, president, Association of bureau de change operators of Nigeria (ABCON), says the Central Bank of Nigeria (CBN) should increase dollar sales to its members this week.Gwadabe said due to the stability in the oil sector and the increase in the price of oil at the international market, the CBN was now comfortable in entertaining ABCON’s request to increase [...]

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    CBN meets BDCs over conflicting exchange rates

CBN meets BDCs over conflicting exchange rates

The Central Bank of Nigeria (CBN) will be meeting with bureau de change (BDC) operators in a bid to "correct" the nation's conflicting exchange rates.Aminu Gwadabe, president of the dureau de change association (ABCON), said the body would meet central bank officials on Tuesday."We would like to find ways to resolve the issue of multiplicity of exchange rates and ensure [...]

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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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    Naira strengthens against dollar at interbank market

Naira strengthens against dollar at interbank market

The naira on Friday appreciated against the dollar at the interbank market, after sustaining losses for two days.The Nigerian currency gained N5.28 to close at N307.79 from N313.07 posted on Thursday.Trading at the bureau de change (BDC) segment of the market showed that the naira exchanged at N433, N550 and N472 against the dollar, pound sterling and the euro respectively.At [...]

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    Naira may firm to 321/$1 as CBN authorises forex sale to BDCs

Naira may firm to 321/$1 as CBN authorises forex sale to BDCs

The Central Bank of Nigeria (CBN) has authorised deposit money banks (DMBs) to resume sales of foreign exchange to bureau de change operators (BDCs).This step by the CBN may see the naira firm as much as 362 to a dollar at the parallel market, from about 395/$1, as at Tuesday, according to market insiders.According to a circular signed by W. [...]

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    Naira at 43-year low after CBN’s BDC forex ban

Naira at 43-year low after CBN’s BDC forex ban

The naira fell to a record low of 282 against the dollar on the parallel market on Monday, immediately after the Central Bank of Nigeria (CBN) announced its decision to halt sales of dollars to bureau de change operators.This new price, which the naira closed at, is the lowest the currency has been since its introduction – on January 1, 1973 [...]

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Exchange Rates

September 10, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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