Tag
AMINU GWADEBE
The Association of Bureau De Change Operators of Nigeria (ABCON) has maintained that BDCs do not need more than the approved N35 million capital base to operate efficiently and profitably.
Forex crisis: BDCs to CBN, allow us carry out online dollar operations, receive diaspora remittances
ABCON) has asked the CBN to allow BDCs to carry out online dollar operations and Point of Sale (POS) agency as part of measures to boost liquidity in the forex market and ensure exchange rate liquidity.
The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to increase the minimum capital requirement of forex traders to do business from the present N35 million to N350 million ($454,888).
ABCON has assured that the Nigerian economy will begin to see and capture the diaspora remittances when the Central Bank of Nigeria (CBN) starts full implementation of the integration of BDCs into the Investors and Exporters (I&E) window.
The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Federal Government to ban the operations of Binance in the country.
BDC operators are advocating for increased participation and involvement in the foreign exchange market to ensure the success of the new exchange rate policy implemented by the Central Bank of Nigeria (CBN).
At the black market, the Naira depreciated against the dollar to close at N487/$1 on Wednesday.
The naira hit another new low as it depreciated again against the dollar, closing at N484/$1 at the parallel market.
The BDC operators said that the profit margin would not be enough to cover their expenses.
Gwadebe said that the pandemic caused supply disruptions as the price of crude oil went down.
Over 100 Bureau De Change Operators were fined N5 million by the Central Bank of Nigeria for various infractions in the foreign exchange market.
The severe pressure on Nigeria’s foreign exchange market has led to significant depreciation of the Naira across all the market segments.