BDCs Archives - National Wire

BDCs lose ground to banks in forex sales

August 21, 2017 0

More than 700 Bureaux De Change (BDC) operators are inactive in the Central Bank of Nigeria’s (CBN’s) Forex Window as forex end users embrace commercial banks, The Nation has learnt. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut BDCs’ turnover, putting their businesses under threat. Confirming …

CBN increases forex sale to BDCs, releases fresh $100m

March 31, 2017 0

The Central Bank of Nigeria on Thursday said it would from next Monday begin the sale of foreign exchange to Bureau De Change operators twice weekly. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, who confirmed this, stated that the move was part of the apex bank’s determination to sustain the liquidity in the forex market. Specifically, he …