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Central bank spends $20.91 billion in six months to defend naira

Within a space of six months this year, the Central Bank of Nigeria (CBN) has so far expended about $20.91 billion to stabilise the naira at the various segments of the foreign exchange (forex) market.

The wrong way to defend the naira

The Central Bank of Nigeria has injected over $10.97bn, into the Forex Market between January and October this year, to defend the Nation’s currency, the Naira, against other major currencies, including the dollar.” (See Punch Newspaper report of November 18th 2018 titled “CBN Defended Naira with $11bn in 10 months”).

ABCON: Central bank’s new rule on bureaux de change difficult to implement

The Association of Bureau De Change Operators of Nigeria (ABCON) has said that Central Bank’s new corporate governance policy limiting the tenure of directors of BDCs might be difficult to implement.

ABCON kicks as banks suspend BDCs’ accounts over tax remittance

The Association of Bureau de Change Operators of Nigeria has kicked against the on-going banks’ suspension of bureau de change (BDC) accounts and demanded for tax remittances on turnover volumes.

Banks suspend Bureaux de Change accounts over tax remittance

Banks have placed a ‘Post no Debit’ notice on the accounts of some Bureaux de Change operators, demanding that they remit taxes on their transaction turnover.

Central bank injects $210m into foreign exchange market

The Central Bank of Nigeria (CBN) on Tuesday injected 210 million dollars into the inter-bank Foreign Exchange Market to sustain liquidity.

Naira weakens marginally against dollar

The Naira on Tuesday weakened marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.

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.

Central bank mandates bureaux de change to access foreign exchange window thrice weekly

The Central Bank of Nigeria has made it mandatory for all the Bureau de Change operating in Nigeria to access Foreign Exchange from it thrice a week.

Central bank directs commercial banks, bureaux de change to sell forex to eligible travellers...

The Central Bank of Nigeria (CBN) on Sunday directed all commercial banks and Bureau de Changes (BDCs) to sell foreign exchange (Forex) to all eligible travelers over the counter, regardless of their customer status.

BDCs moves to improve transparency in transactions

The Association of Bureau De Change Operators of Nigeria (ABCON), says it has taken measures to ensure that its members imbibe the culture of transparency in transactions and corporate governance.

Naira depreciates further at investors’ window

The Naira on Thursday, depreciated further at the investors’ window, exchanging at N360.31 to the dollar, the News Agency of Nigeria (NAN) reports.

Why higher crude oil prices won’t save Nigeria’s economy

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Naira remains stable against dollar, euro

The Naira on Monday remained stable as it traded at N362 to the dollar at the parallel market, same amount it was sold last Friday.

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.

Naira sustains gain at parallel market

The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday.

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