Naira may be on course to regain N1000/$ (an exchange rate though implausible as early as a month ago) in the near time if the current bullish outlook of the market is sustained.

The Central Bank of Nigeria (CBN) has approved the sale of $10,000 to Bureaux De Change (BDC) operators at the rate of N1,101 to a dollar. CBN Director, Trade and Exchange Department, Dr. WJ Kanya, in a circular said BDC operators are not permitted to sell a dollar above N1,117. It directed each BDC to…

The Central Bank of Nigeria (CBN) on Friday revoked the license of 4,173 bureaux de change (BDC) operators. CBN's spokesperson Hakama Sidi Ali announced this in a statement. Sidi Ali said the affected institutions listed on the CBN website failed to comply with regulations, including the "payment of all necessary fees, including license renewal, within…

Despite the demolition, yesterday by the Federal Capital Development Authority (FCDA) of buildings, shops and shanties housing Bureau De Change (BDC) operators in the latter’s Wuse Zone 4 headquarters, agents were still seeing around the premises shopping for customers.

The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to eligible Bureau De Change (BDC) operators. CBN's Director of Trade and Exchange Department, Dr. Hassan Mahmud, in a statement said the bank has observed "continued price distortions at the retail end of the market, which is feeding into the parallel market…

Presidential candidate of Labour Party (LP) in the 2023 general elections, Peter Obi, yesterday, advised federal agencies against arresting Bureau de Change operators, noting that they are not responsible for the free fall of the Naira.

The Central Bank of Nigeria (CBN) on Friday said it is considering raising the minimum capital requirements for Bureau De Change (BDC) operators to N2 billion for Tier 1 licenses while it would be N500 million for Tier 2 licenses.

Operatives of the Economic and Financial Crime Commission, (EFCC) raided and arrested over 50 illegal Bureau De Change operators in Wuse Zone 4 Abuja, on Monday.

The Ohanaeze Youth organization has launched a strong defence of former Central Bank of Nigeria Governor Godwin Emefiele, vehemently denying accusations that his policies contributed to Nigeria's current economic woes. The group further alleged that Senator Godswill Akpabio's criticism stems from personal motives rather than genuine concern. In a statement made available to The Guardian,…

A Bureau de Change operator, Rabiu Musa Tafada, testified in the Federal High Court sitting in Abuja on Tuesday in the trial linking Dauda Suleiman to alleged money laundering activities. Suleiman, along with Ali Bello, is on trial for laundering N10 billion.

The Central Bank of Nigeria (CBN) has cut down the number of Bureau de Change (BDC) dealers to 2,991 from the over 5,689 earlier approved. On Wednesday, the CBN published a list of approved BDC’s which means the licenses of 2,698 BDCs have been revoked. In 2022 the CBN published a similar which approved 5,689…