The Central Bank of Nigeria (CBN) says it will begin mystery shopping exercises across bureau de change (BDC) outlets to strengthen compliance with anti-money laundering and counter-terrorism financing regulations. The CBN spoke in a circular to all licensed BDC operators, signed by Amonia Opusunju, director of compliance department, on Thursday. Mystery Shopping is a technique used by companies to evaluate …

The Central Bank of Nigeria (CBN) has extended the foreign exchange (FX) sale period to Bureau de Change (BDC) operators until 30 May. This aims to better serve retail market demands. The bank disclosed this in a circular,  bythe  acting director of the trade and exchange department, Dr W. J. Kanya to BDCs on Monday and made available on its …

In a move aimed at bolstering the foreign exchange market and meeting retail demand for eligible invisible transactions, the Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau De Change (BDC) operators. The Acting Director of the Trade & Exchange Department of the CBN, Dr. W.J. Kanya confirmed that each eligible BDC will receive an …

The Central Bank of Nigeria, CBN yesterday, announced the resumption of dollar sales to bureaux de change (BDCs), a development that reversed the sharp depreciation of the Naira to N1,640 per dollar in the parallel market. The dollar sales to BDCs is coming two months after the last one in April. In a circular by the Acting Director of Trade …

The Central Bank of Nigeria has warned Deposit Money Banks to stop rejecting old and small denominations of the United States dollar bills. CBN threatened that there would be sanctions for rejections. It also urged Bureau De Change operators and the public to desist from defacing the notes. The CBN issued this warning in a circular signed by the acting …

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 expressed support for the Central Bank of Nigeria’s directive to banks to stop the use of domiciliary accounts as collateral for naira loans. President of ABCON, Aminu Gwadabe, revealed the association’s stance in a statement on Thursday, pointing out that the directive would not only boost liquidity in the …