The Central Bank of Nigeria (CBN) is currently proposing to replace Bureau De Change (BDC) operators with Travelex, a global foreign exchange dealer.

According to the report, in an effort to ease the pressure created by CBN decision to discontinue sales of Forex to BDCs, CBN is grooming Travelex as an alternative forex dealer to BDCs across the country.

“CBN’s desperation to meet dollar demands from banks. Government agencies and importers prompted the decision to give dollar import license to Travelex”, said Aminu Gwadabe, a chief executive Officer at SABIL Bureau De Change Limited.

He further stated that “Travelex has secured approval to open more offices across the country where dollar will be directly sold to banks, government and other end-users in a move to bridge the current supply gap of Forex in the economy.”

Gwadabe believed that even though Travelex is licensed as a wholesale supplier and forex importer into Nigeria, BDCs retail segment remains its intention. He insisted that the current move by the CBN will finally allow Travelex to take over the retail segment of the BDCs.

A CBN official, Ibrahim Mu’azu said “CBN’s decision to stop funding BDCs will create room for Travelex to do more Forex retail business going forward, they have been in the market for a long time”

The general manager of Travelex Nigeria, Anthony Enwereji admitted that the fact that the company sells dollar at a very low rate is its advantage over the BDCs.

http://investorsking.com/cbn-to-replace-local-bdcs-with-travelex/

dominique, puskin, naijacutee, FOD

Good, time will tell

Better.

Why can't we buy directly from banks ?

lifestyle1:
Why can't we buy directly from banks ?

I think we can buy from any of the three, Travelex, BDCs and Banks, but Travelex sell at a more lower rate compared to BDCs and Banks.

So theres something called "dollar import licence"

suyamasta:
So theres something called "dollar import licence"

Yes

Truth234:

Yes

Ok but this travelex and CBN fit dey run background tins ooo

suyamasta:
Ok
but this travelex and CBN fit dey run background tins ooo

Possibly but its better for the masses, we will get to buy dollars at lower rate.

Whatever would ease the pressure!

How much is their cheap rate?

Truth234:


Possibly but its better for the masses, we will get to buy dollars at lower rate.

Yea

Where will Travelex source the fx it will be selling from? Probably they will be providing for PTA AND BTA needs. Traveller cheques etc.

As long as the margin between the official rate and their own wont be too wide.....

JAZES:
As long as the margin between the official rate and their own wont be too wide.....

The margin is really small but not widely available like BDCs, that is why CBN want them to have more outlets in order to reduce the gap between official rate and parallel market rate.

They should do it fast

cc: lalasticlala still considering its implications in the long term..

Who re the directors of Travelex...

Mynd44 ow market..

Good move. The beurea de change had really made loads of money over the years because they got the dollars from CBN at a cheap rate but end up selling it to black market at an expensive rate.
It is the easiest way of making over a million in a month in Nigeria

Sounds nice

Godwin emefiele policies r jus not working

Travelex is a foriegn company.

Why can't CBN use any of our Nigerian international financial institutions to do this?


See how foolish our government is?

Truth234:


Yes

Can't i come into the country with my own dollars without having the so called license ??

lifestyle1:
Why can't we buy directly from banks ?

Please help me ask them, that question .

Why do we buy forex from the streets?, and why do we buy mint currency from the streets and receive old ones from the banks.

is it compulsory to devalue our currency

CHANGI

I hope for the sake of Nigeria that this helps.