The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to each licensed Bureau De Change (BDC) operator nationwide. This marks the second such intervention this month by the apex bank. In a circular addressed to the President of the Association of Bureau De Change Operators (ABCON), the CBN outlined the details of the intervention. BDCs will be …

The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the  Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members. ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department, obtained by The PUNCH. The appeal comes when …

The Association of Bureaux de Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for the resumption of dollar sales to Bureaux De Change (BDCs). In a statement, the ABCON President, Dr Aminu Gwadabe said aside monetary policy tightening that led to interest rate hike and more investment in government instruments and clearance of $7 billion …

Bureau De Change operators have raised the alarm that due to the depreciation in the value of the naira, some Nigerians are keeping their savings in the United States dollar. National President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, stated that there was a need for the forex market to be liquid. Gwadabe noted that the …