Bureaux De Change, BDCs, have for years supported Nigeria’s growth agenda and the Central Bank of Nigeria’s commitment to exchange rate stability. To continue to play these roles creditably, the BDC industry needs improved access to foreign exchange (forex). The Association of Bureaux De Change Operators of Nigeria, ABCON, believes the success of BDCs goes beyond favourable rates but access to multiple streams of forex earnings to deepen the market, keep the naira stable and boost BDCs operations. Making BDCs one of  the channels through which over $25 billion annual Diaspora remittances enter the economy will give depth to forex market and boost BDCs operations.

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the  foreign exchange market rose by four per cent, year on year (y/y),  to $62.37 billion last year from $59.75 billion in 2018.

“The 36 state governors intend to demand that “their states’ share and those of the local governments from the Federation account” revenue accruals be distributed in the selfsame currency collected.

“T he 36 state governors intend  to demand that “their states’ share and those of the local governments from the Federation account” revenue accruals be distributed in the selfsame currency collected. That intention is borne out of dissatisfaction with net Federation Account (FA) oil export proceeds made available for distribution among beneficiaries, after the unilateral deductions by NNPC of amounts to offset self-styled petrol price under-recovery”. (Guardian Newspaper Editorial of October 28, 2019, titled “Pay Federation Account Oil Accruals in dollars”).

Apex bank wants FG to sustain border closure By Emeka Anaeto and Babajide Komolafe The Central Bank of Nigeria (CBN), yesterday disagreed with the position of the International Monetary Fund (IMF) on the impact of the foreign exchange (Forex) restrictions on Foreign Direct Investment (FDI) inflow into the country. CBN Governor, Mr Godwin Emefiele, while […]