Have you ever wondered where Bureau De Change operators in Nigeria obtain the large volumes of foreign currency they handle and sell to their customers every day? At inception, their primary source of foreign currency was the Central Bank of Nigeria. However, today they have more than 10 sources from which they acquire forex. Their strategic … Read more
Financial analyst, Bismarck Rewane, said the latest position of the Central Bank of Nigeria (CBN) not sell foreign exchange to Bureau De Change operators could push them out of the forex market. The renowned economist who is also an analyst at the Financial Derivatives Company Limited (FDC) said it would take the market a few … Read more
There are fears that the Central Bank of Nigeria (CBN) might use its financial powers to convert foreign currencies in domiciliary accounts to Naira as one of its desperate moves to stabilize the forex market. Although, there was no statement to such a move by the apex bank, its recent action against the activity of … Read more
The foreign exchange market or forex has several definitions for hundreds of people around the world, the most important thing is that FX is a market where currencies across the world are traded 24/7. When you buy Euro with Naira or USD with Pounds, that’s forex. To a Nigerian who needs dollars for personal travel … Read more
One of the services provided by the CBN is facilitating the purchase of foreign exchange for paying Foreign Medical Bills through Form A. Form A enables Nigerians to buy dollars, euros, or Pounds among others for applicants to attend to their healthcare needs in a hospital outside the shore of Nigeria. Here are the requirements … Read more
Following the recent directive by the Central Bank of Nigeria on the sales of forex, Nigerians can now walk into any branches of Nigerian banks to buy foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Targeted people Requirements for Personal Travel Allowance 1) You must be eighteen years old and above … Read more
Before the latest policy of the Central Bank of Nigerian on the sales dollars and other foreign currencies to Bureau de Change operators, there were individuals who submitted applications for BDC operating licence to the apex bank, they can now apply for a refund. This followed the announcement by the apex bank that no fresh … Read more
Bureaux De Change operators are not backing down despite the decision of the Central Bank of Nigeria (CBN) to stop the sales of forex to them. They stated this Thursday, July 29, 2021, in Abuja after Godwin Emefiele-led CBN declared that some of the operators are conduits for money laundering and diverted the forex meant for … Read more
The Central Bank of Nigeria (CBN) took the toughest decision on July 27, 2021, stopping the sales of dollars to Bureaux De Change (BDCs) operators in the country. It cited the activities of the BDCs in the forex market as counter-productive to Nigeria’s economy. The action has raised a lot of dust because it will spark some … Read more
In history, the Nigerian currency has never experienced a situation where one U.S. dollar is exchanged for N1,444 at the official market. In the parallel market, the exchange rate stands at $1/N1,451, at the time of updating this article. The disparity between the dollar and the Naira has raised questions among Nigerians, such as why … Read more