Tag: ABCON

In the Bureau De Change Market: ABCON commences operation ‘No Street Trading’ of foreign currencies

Banjo Olaniran
Expect operation No Street Trading of foreign currencies soon, ABCON threatens

Expect operation No Street Trading of foreign currencies soon, ABCON threatens     The Association of Bureaux De Change Operators of Nigeria (ABCON) says it will launch an “Operation No Street Trading” to stop street hawking of foreign currencies. Aminu Gwadabe, ABCON president, said this was one of the resolutions unanimously reached by BDCs directors at the meeting of operators on Tuesday in Lagos. Gwadabe also said all market participants would work together to lower the foreign currency rate. He warned that non-compliance will not be condoned and errant members…

Read more

CBN’s crypto trading ban is justified, BDC operators say

Ugochi Emmanuel
Expect operation No Street Trading of foreign currencies soon, ABCON threatens

CBN’s crypto trading ban is justified, BDC operators say   The Association of Bureaux De Change Operators (ABCON) of Nigeria has given its backing to the Central Bank of Nigeria’s (CBN’s) policy mandating banks to close all accounts belonging to cryptocurrency traders. It said this in a statement on Sunday titled ‘ABCON backs CBN’s cryptocurrency trading ban for stronger anti-money laundering compliance’. Alhaji Aminu Gwadabe, the president, ABCON, said the regulator acted fast to curtail an emerging dangerous trend capable of eroding Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing gains. He…

Read more

BDCs eye $25bn Diaspora remittance collection

Ugochi Emmanuel
Expect operation No Street Trading of foreign currencies soon, ABCON threatens

BDCs eye $25bn Diaspora remittance collection   The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDCs) payout agents for Diaspora remittances. ABCON President, Alhaji Aminu Gwadabe, who stated this in Lagos recently, said the apex bank should leverage on the over 5,000 licensed BDCs across the six geopolitical zones to get the greenback seamlessly to beneficiaries. Gwadabe said that the plan would help in providing a more convenient channel for Nigerians in the Diaspora…

Read more

ABCON: COVID-19, forex volatility portend more woes for businesses except…

Ugochi Emmanuel
Expect operation No Street Trading of foreign currencies soon, ABCON threatens

ABCON: COVID-19, forex volatility portend more woes for businesses except…     Foreign exchange (forex) scarcity in Nigeria portend a more difficult operation environment for businesses of various scales in the country, Alhaji Aminu Gwadabe, the president of Association of Bureaux De Change Operators of Nigeria (ABCON) has warned. Gwadabe, who disclosed this during a chat in Lagos added that the Nigerian business environment is becoming more hostile and unbearable for local manufacturers, foreign operators and Micro, Small and Medium sized Enterprises (MSMEs) due to the escalating exchange rates, foreign…

Read more

Bureau De Change business not as lucrative as perceived, Gwadabe reveals

Omobayo Azeez
Bureau De Change business not as lucrative as perceived, Gwadabe reveals

Bureau De Change (BDC) business in Nigeria is not as profitable as many people often think it is, Alhaji Aminu Gwadabe, president of Association of Bureau De Change Operators of Nigeria (ABCON) has revealed. According to him, the operators earn just N2 gain from every dollar sold, which indicates that at the current rate of N467 per $1 in the parallel market (Lagos), operators earn just 0.43 per cent of the transactions they make. He stated: “The N2 margin earned by BDCs from every dollar sold is barely enough to…

Read more