{"id":2475,"date":"2018-05-28T07:41:21","date_gmt":"2018-05-28T07:41:21","guid":{"rendered":"http:\/\/1001newsng.com\/?p=2475"},"modified":"2018-05-28T07:41:21","modified_gmt":"2018-05-28T07:41:21","slug":"banks-holiday-over-cbn-now-chase-bureau-de-change","status":"publish","type":"post","link":"https:\/\/www.1001newsng.com\/banks-holiday-over-cbn-now-chase-bureau-de-change\/","title":{"rendered":"Banks Holiday Over, CBN Now CHASE Bureau De Change"},"content":{"rendered":"
<\/div>\n

<\/g><\/svg><\/i> \"Loading\"<\/p>\n

<\/div>\n

The Central Bank of Nigeria (CBN) over new foreign exchange measures unveiled by the apex bank over the weekend. In a statement issued on Saturday, CBN\u2019s Acting Director of Corporate Communications, Mr. Isaac Okorafor, had explained that the measures were aimed at improving foreign exchange liquidity and ensuring that eligible travelers are able to access foreign currency.
\nThe regulator, in the statement, mandated all Deposit Money Banks (DMBs) to buy and sell foreign currency to travelers (both customers and noncustomers) upon presentation of relevant valid travel documents such as visa and tickets over the counter. It added that all travelers should be attended to immediately at banks\u2019 counters. Specifically, it also stated that: \u201cAll BDCs shall, henceforth, access dollars from the CBN on Mondays, Wednesdays and Fridays.
\nIt is compulsory that all BDCs access currency at least three times weekly. Any BDC that fails to access the FX window at least three times weekly shall have their license reviewed by the CBN. Compliance is compulsory.\u201d But reacting to the CBN\u2019s new FX measures yesterday, the Association of Bureaux De Change Operators of Nigeria (ABCON) rejected the directive that they should make three forex biddings and purchases on weekly basis.
\nThe association also insisted that the regulator should review BDCs\u2019 dollar purchase rate to align with commercial banks\u2019 buying rate. ABCON President, Alhaji Aminu Gwadabe, in a statement, said that the CBN\u2019s directive mandating BDCs to make such purchases is not in line with global best practices and should be put on hold.
\nHe said: \u201cThe CBN\u2019s directive at this time of our operational difficulties is, no doubt, precarious and vague and was intended to emasculate a sector that has helped the system to stabilize and thus unacceptable.\u201d
\nGwadabe said the regulator should first merge BDC dollar buying rate with that of commercial banks and also pay ABCON disbursement fees as it is practiced globally, citing Travelex which, according to him, also collects forex disbursement fees from the CBN. The ABCON President recommended that the CBN should cut the three market days for buying dollars to two at $30,000 per market day.
\nHe said: \u201cThe rate between the banks and BDCs should be merged for uniformity and fairness. A situation where the banks buy dollar from the CBN at lower rate than the BDCs is not helping the market stability drive. Besides, ABCON should be considered for disbursement fees like Travelex in the collection centres to ameliorate the new assignments.\u201dHe argued that making Fridays as market days and funding same day will be difficult to achieve and, therefore, should be discouraged.
\nStressing that licensed BDC operators were already facing increasing difficulties arising from over regulation and complex documentation requirements, he appealed to the CBN to take urgent steps to review the rate at which the dollar is sold to BDCs in order to boost ongoing recovery of the naira against the dollar.
\nHe said: \u201cThe BDC business has been badly affected by \u2018uncompetitive\u2019 rate as the CBN sells dollars to BDCs at higher rate compared to what it sells to commercial banks, yet both institutions target the same market segment and customers. \u201cThe BDCs buy dollar from the International Money Transfer Operators (IMTOs) at N360\/$1 and sell to end users at N361.5\/$1 while the CBN sells to commercial banks at N357\/$1 and the banks sell to end users at N360\/$1.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) over new foreign exchange measures unveiled by the apex bank over the weekend. In…<\/p>\n","protected":false},"author":1,"featured_media":2476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174,172,170,179],"tags":[455,456,292,457],"_links":{"self":[{"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/posts\/2475"}],"collection":[{"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/comments?post=2475"}],"version-history":[{"count":0,"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/posts\/2475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.1001newsng.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/media?parent=2475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/categories?post=2475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.1001newsng.com\/wp-json\/wp\/v2\/tags?post=2475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}