The Central Bank of Nigeria (CBN) will resume sales of dollar proceeds of international money transfer (IMT) to bureaux de change (BDCs) operators this week even as manufacturers kick against the move. Daily Trust report that the CBN governor, Mr. Godwin Emefiele, disclosed this during...

A QUESTION and answer format is adopted in this article to examine issues related to the recent DSS raid on Bureau de Change (BDC). Please read on: Question: What do you think about the CBN’s policy that allowed BDCs to buy dollars at N381/$ and...

The Federal Government has proposed an amendment to the Foreign-Exchange Act to enable the imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days. This is the latest measure the government and the Central Bank of Nigeria are considering to...

Operatives of the Department of State Security on Thursday arrested some unregistered Bureau De Change operators in Lagos and Abuja. Also raided by the DSS operatives were registered BDCs operators who were accused of selling the dollar above N400. The development, forex dealers said, forced some...

The naira continued on the path of appreciation on the parallel foreign exchange (FX) market monday as it closed at N455 to the dollar, higher than the N460 to the dollar it closed last Friday. The steady gains recorded by the nation’s currency on the...

The naira is expected to appreciate further this week following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators. The CBN has given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale...