Business
COVID-19: CBN Grants Two-Week Market Holidays To BDCs

The Central Bank of Nigeria (CBN) has granted a two- week market holidays to the Bureaux De Change operators.
This followed a request by the Association of Bureaux De Change Operators of Nigeria to the CBN for the regulator to grant it market holidays, given the ongoing challenges faced in local and global economies due to the impact of the Coronavirus (COVID -19) pandemic.
In a notice to BDC operators and directors, ABCON President, Alhaji Aminu Gwadabe, said the CBN’s approval meant that sales of foreign exchange to BDCs is now suspended till further notice.
Gwadabe also advised the public not to go into panic buying, hoarding and partronasing the street traders as the CBN has enough reserves to sustain supplies when the BDCs return to operations.
The CBN had also acknowledged the contributions of BDCs in promoting stable exchange rate in recent months despite challenging circumstances facing the Forex market due to drop in crude oil prices.
Gwadabe advised members to observe strict guidelines on the preventive measures on the dangers of the COVID 19, wear their mask, gloves, and frequent washing of hands.
“We also want to advise members to strictly comply with their regulatory obligations on their daily operation. If you are trading, be cautious not to fall under the hand of security agencies. Don’t be involved in giving black market rates,street trading as doing so might create regulatory breach,” he said.
Gwadabe said that CBN/NFIU were tracking large movements of funds within the financial sector and noted the need to be cautious.
“Once again, accept our continuous assurances on serving you better as we continue to ponder on lasting solutions to the growing challenges facing our operations amongst them, crowd management, expansion of scope of our buisiness, lesser penalties, automation, among others,” he stated.
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content

Business
Industry Leaders Defend Local Content, … Rally Behind NCDMB

Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP

-
Politics22 hours ago
Natasha’s Counsel Writes Senate Over Court Judgment
-
Nation21 hours ago
NIPR Practitioners Urge To Go Beyond Traditional Media Relations To Strategic Leadership Functions
-
Politics23 hours ago
Bayelsa APC Hails Late Buhari As Change Agent In Nigerian Politics
-
News20 hours ago
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute
-
Niger Delta22 hours ago
Police Rescue Kidnap Victim, Recover Pistol In A’Ibom
-
Politics21 hours ago
INEC Trains Political Parties Officials On ICNP Use Ahead By-Elections
-
Business23 hours ago
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
Business20 hours ago
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content