We’re In Business Despite CBN’s Ban On Dollar Supply – BDC Operators
The Association of Bureaux De Change Operators of Nigeria has said that Bureaux De Change operators are still providing foreign exchange services.
ABCON said while the dollar sale from the Central Bank of Nigeria had helped in enhancing supply, the fact remained that BDCs were empowered to source forex from other sources and also to provide various services to members of the public.
ABCON President Aminu Gwadabe said this in a statement on Thursday, adding that the recent pronouncement of the CBN did not stop BDCs from providing forex services as allowed by their operating licences.
He said the association would engage with the CBN to address and resolve all the issues that led to the stoppage of foreign exchange sales to BDC operators.
READ ALSO: CBN Warns Banks Of Sanctions For Failure To Sell Forex To Customers
“BDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions, namely personal travel allowance, business travel allowance, payment of medical and school fees,” Gwadabe said.
The ABCON president said, “While the CBN has stopped dollar sale to BDCs, it has not cancelled their operating licences or banned them from providing FX services to members of the public.
“At ABCON, we urge our members to see the CBN pronouncement as a wakeup call and opportunity to widen their customer base and deepen their business.
“ABCON has always worked with the CBN to ensure proper working of the FX market and in line with this principle, we will engage with the apex bank to address and resolve all the issues that led to the recent action, including identification and sanctioning of earring BDCs, where necessary.“
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In addition to this, and in view of the fact that BDCs have been very effective in ensuring stable exchange rate, ABCON will work with relevant stakeholders including law enforcement agencies to develop a National BDC Policy with the aim of enhancing the contribution of the BDC subsector to the nation’s economy.”
He said ABCON had called for a zonal nationwide meeting of members to discuss the action of the CBN and obtain contribution for the National BDC Policy.
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BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1
The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .
This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.
He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.
“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.
“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”
The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.
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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500
The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.
The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.
However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.
The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.
For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.
In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.
For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.
BREAKING: FCMB Founder Olasubomi Balogun Dies
Theo Founderf First City Monument Bank (FCMB), Otunba Michael Olasubomi Balogun, is dead.
According to reports, family sources revealed that Balogun died in London Friday morning at the age of 89.
He was Otunba Tunwase of Ijebuland before his death.
As a ranking Ijebu Chief, his death will, however, only be officially announced in line with tradition.
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