Bureau de change nigeria news
Here are some recent news articles and updates about Bureau de Change (BDC) in Nigeria:
Recent News Articles:
- Nigeria's BDCs Struggle to Meet Demand as Naira Plunges (Premium Times, March 2023)
The article reports that the naira has continued to depreciate against the US dollar, leading to a surge in demand for foreign exchange at BDCs. However, many BDCs are struggling to meet the demand, leading to long queues and high prices.
- CBN Introduces New Guidelines for BDCs (This Day, February 2023)
The Central Bank of Nigeria (CBN) has introduced new guidelines for BDCs, aimed at improving the efficiency and transparency of the foreign exchange market. The guidelines include the requirement for BDCs to maintain a minimum capital base of N10 million and to submit regular reports to the CBN.
- BDCs Protest CBN's New Guidelines, Threaten to Shut Down (Vanguard, January 2023)
BDCs have protested the new guidelines introduced by the CBN, claiming that they are too stringent and will lead to the closure of many BDCs. The BDCs are demanding a review of the guidelines and a more flexible approach to foreign exchange management.
Recent Updates:
- CBN Increases BDCs' Daily Forex Allocation (Nairametrics, March 2023)
The CBN has increased the daily foreign exchange allocation to BDCs from $50,000 to $100,000. This move is aimed at improving the availability of foreign exchange in the market and reducing the demand for black market rates.
- BDCs to Pay 5% Commission on Forex Transactions (BusinessDay, February 2023)
The CBN has introduced a 5% commission on foreign exchange transactions by BDCs. The commission is aimed at generating revenue for the CBN and reducing the profit margins of BDCs.
- Nigeria's BDCs to Operate 24/7 (Punch, January 2023)
The CBN has announced that BDCs will be allowed to operate 24/7, effective from January 2023. This move is aimed at improving the efficiency of the foreign exchange market and reducing the demand for black market rates.
I hope this information is helpful!