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Association of Bureaux De Change Operators of Nigeria

Bureaux de Change operators back central bank’s policies

The Association of Bureaux De Change Operators of Nigeria (ABCON) has expressed its support for the Central Bank of Nigeria’s (CBN) monetary policy and intervention in critical sectors in the economy.

Bureaux de Change operators set exchange rate agenda for President Buhari

The Association of Bureaux de Change Operators of Nigeria (ABCON) has set N250 to dollar exchange rate agenda for President Muhammadu Buhari in his second term in office.
Dollar

ABCON: Fake $100 bills in circulation

The Association of Bureaux De Change Operators of Nigeria (ABCON) on Friday alerted members of the public about ongoing security investigation into fake $100 bills allegedly imported into Nigeria from India.

Naira up to N361.85 to the dollar in I&E window

The Naira yesterday appreciated to N361.85 per dollar in the Investors and Exporters (I&E) window due to an 80 percent increase in the volume of dollars traded.

ABCON partners EFCC on campaign against money laundering

The Association of Bureaux De Change Operators of Nigeria and the Economic and Financial Crimes Commission have extended the campaign against money laundering and terrorism financing to Bureaux de Change operators at the Murtala Muhammed Airport 2 (MM2), Lagos.

ABCON: CBN should make Bureaux de Change direct agents of IMTOs

Association of Bureaux De Change Operators of Nigeria, ABCON, has called on the Central Bank of Nigeria, CBN, to implement provisions of its 2014 circular which makes BDCs direct agents of international money transfer operators, IMTOs, as obtained in other countries.
An employee shows US dollar banknotes at a foreign currency brokerage office in Khartoum on October 7, 2018. - Sudan slashed the official value of its currency against the US dollar by more than half on October 7, the third devaluation this year in the face of a mounting economic crisis. (Photo by ASHRAF SHAZLY / AFP)

Naira ends 2018 stable with central bank, bureaux de change deal

The strategic partnership between the Central Bank of Nigeria (CBN) and Association of Bureaux De Change Operators of Nigeria (ABCON) on foreign exchange (forex) supplies and sustenance of market integrity helped the naira’s stability in 2018.
Ibrahim Magu . EFCC

Ibrahim Magu warns BDC operators to be wary of politicians’ excesses

The Acting Chairman, Economic and Financial Crimes Commission, Mr. Ibrahim Magu has cautioned Bureau de Change operators in the country against aiding corrupt practices of some politicians.

Bureaux de Change want Chinese Yuan for customers

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the CBN to approve Renminbi (Yuan) disbursements to its members to deepen the China-Nigeria Swap deal.

Central bank orders commercial banks to sell forex to customers, non-customers

As the Central Bank of Nigeria (CBN) at the weekendordered all Deposit Money Banks (DMBs) to sell forex to travellers over the counter, the Association of Bureaux De Change Operators of Nigeria (ABCON) has kicked against the order calling on the regulator to review BDC’s dollar purchase rate to align with rate commercial banks’ buying rate.

Forex: ABCON’s live portal ’ll keep speculators at bay – Aminu Gwadabe

As the Association of Bureaux De Change Operators of Nigeria (ABCON) launched the live rate engine room, www.naijabdcs.com, in Lagos yesterday, its President, Aminu Gwadabe, has predicted that the new initiative would transform the foreign exchange (forex) market and keep speculators at bay.

Naira closes at N362 to dollar at parallel market

The Naira on Wednesday closed at N362 to the dollar, stronger than N363 posted on Monday at the parallel market, the News Agency of Nigeria (NAN) reports.

ABCON chief warns of looming election-induced capital flight

Ahead of the 2019 general elections, the President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has warned of a possible capital flight.

Naira’s depreciation part of forex market fluctuations – BDCs chief

The President, Association of Bureaux De Change Operators of Nigeria, Mr. Aminu Gwadabe, has said Naira’s marginal depreciation by 0.55 per cent to close at N365on Friday was part of foreign exchange market fluctuations.

Central bank right in retaining benchmark interest rate – Gwadabe

The president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, on Wednesday defended the CBN’s retention of the benchmark interest rate and other monetary policy parameters.

Illegal dollar evacuation to Dubai threatens naira stability – Gwadabe

Alhaji Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON), says consistent evacuation of dollars illegally from Nigeria to Dubai is a threat to stability of the naira.

Why CBN interventions fail to save Naira – experts

Financial experts have diagnosed plausible reasons for the steady depreciation of the nation’s currency in spite of series of interventions by the Central Bank of Nigeria in the foreign exchange market.

BDCs allege banks benefit from their losses

Bureau De Change (BDC) operators have said they are badly affected by the trending “uncompetitive rate”, which comes as the Central Bank of Nigeria (CBN) sells dollars to them at higher rate compared to what it sells to commercial banks.

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