CBN, ABCON move to wreck currency speculators, restore normalcy to forex market
Moses Obajemu The naira is facing its greatest risk from the coronavirus pandemic, as currency speculators continue to make spurious demand for dollar with hope to make good returns from the rising gaps between official and parallel market rates. During the short period that the CBN stopped the sale of forex to bureau de change […]
Central bank urged to cut MPR, eradicate multiple exchange rates
Aminu Gwadabe, the President of Association of Bureau d’Change Operators of Nigeria (ABCON), has advised the CBN to reduce its monetary policy rates. He said that lowering the Monetary Policy Ratio (MPR) and other rates by the CBN Monetary Policy Committee (MPC) was critical to revamping the productive sectors of the economy. Gwadabe told the […]
Bureaus De Change automation, an imperative for customer verification
Bureaus De Change (BDCs), as critical stakeholders in the Foreign Exchange (FOREX) Market, are known for the sale of small volumes of international currencies for Invisibles. Such include Personal Travelling Allowances (PTA), Business Travelling Allowances (BTA), overseas school fees and payment of medical fees abroad. Since the renewed onslaught of currency speculators on the Naira, […]