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BDC operators design steady exchange rate in 2018

The Association of Bureaux De Change Operators of Nigeria (ABCON) yesterday listed recipes for a stronger naira and a more stable exchange rate in 2018. Alhaji Aminu Gwadabe, president of ABCON, said the recipes were agreed on at a meeting

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Allocate 60% of FX to Manufacturers, CBN tells banks

The Central Bank of Nigeria has asked commercial banks  to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy. The fall in oil revenue which caused

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CBN bars nine banks from all forex deals

Thisday newspaper has reported that the Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions for failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled

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Hopes rise as Naira is set to recover gradually

An accountant, Mr Harisson Owoh, has said that the Naira was on the path to recovery as banks were set to sell Forex to Bureau De Change Operators (BDCs). According to a Vanguard report, Owoh, a BDC operator, in Lagos

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How CBN busted an illegal transfer system

By a seemingly innocuous circular released on July 22, 2016, the Central Bank of Nigeria (CBN) appears to have dealt a heavy blow to a money transfer business that has ripped off the Nigerian economy for years. Nigerians working abroad

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CBN to further strengthen Forex policy this week

To increase the volume of dollar in the market and stabilise the naira, the Central Bank of Nigeria (CBN) may compel banks to sell foreign currency proceeds of international money transfers to Bureaux De Change (BDCs), the Nation reported early

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Forex: ABCON lauds CBN directive to commercial banks

The Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday lauded the Central Bank of Nigeria’s (CBN) directive to Deposit Money Banks (DMBs) to sell forex to BDCs. Alhaji Aminu Gwadabe, President of the association, told newsmen in

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New Forex Regime: Ports & Cargo predicts throughput increase

The Acting Managing Director, Ports and Cargo Handling Services Ltd., Alhaji Mohammed Bulangu, on Thursday said that the new flexible foreign exchange (forex) regime would result in steady growth of cargo throughput (imports and exports). This is contained in a

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