₦airaland Forum

saintopus:
That's how reform affects businesses. Some goes off the business radar while new ones gain prominence.
That's how life is.

True talk

So after I posted this news; someone else copied it; modified it and post it online before mode uploaded his post.
Well done mode.

That’s a Good one from the CBN,
The days of scarcity is ending

https://nairametrics.com/2025/10/27/forex-traders-struggle-to-survive-as-cbn-cuts-bdcs-off-from-dollar-supply/
The Bureau De Change (BDC) operators have lamented that they are close to going out of operations as most of its members are struggling to stay afloat and meet up with overhead expenses.

These licensed currency traders have attributed this mainly to the suspension of dollar allocation by the Central Bank of Nigeria (CBN) to the BDCs, as they struggle to have access to foreign exchange from the official window.

The operators lamented that with the huge drop in income level, paying staff salaries, office rent, licenses and other compliance expenses has become a major challenge.

This is further compounded by the uncertainty in the retail sub-sector of the forex market, with many of the BDC operators still battling to meet up with the recapitalization and license processes.

The BDC operators had always advocated for increased participation and involvement in the foreign exchange market to help sustain the success of the various policies being implemented by the CBN and help provide more liquidity.


This push by the BDCs followed the June 2023 unification of all segments of Nigeria’s foreign exchange market, consolidating all windows into one. This action by the apex bank was part of a series of immediate changes aimed at improving liquidity and stability in the Nigerian Foreign Exchange (FX) Market.

The currency traders had advised the CBN to always leverage the BDCs and allow them access to banks’ autonomous window and agencies of international money transfer operators.

The CBN had in July 2021 stopped the sale of forex to BDC operators across the country, accusing them of becoming conduit for illegal financial flows, working with corrupt people to conduct money laundering in Nigeria.


In February 2024, the apex bank announced the resumption of forex sales to the BDCs following the revocation of operational licenses of over 4,173 of these licensed currency traders over their failure to comply with some regulatory guidelines. This was to help enhance liquidity in the retail segment of the forex market.

However, the CBN has since stopped the sales of forex to the licensed currency traders with little or no intervention till date. The BDC operators, who said that the CBN could not sustain the exercise, however, noted that they are `engaged in positive discussion with the apex bank for the return of their active participation in the BDCs in the retail end of the forex market.

Customers now prefer to use IMTOs
In an exclusive chat with Nairametrics, a BDC operator, Abubakar Ardo, said that most of them are barely managing to stay in business, as the non-sale of forex directly to the BDCs has affected their operations badly.

Apart from the challenge of getting forex from the official window, Ardo explained that the demand for forex has dropped sharply as most customers now prefer to do transfers or use online platforms or International Money Transfer Operator (IMTOs) instead of physical cash exchanges.

He said, ‘’Honestly, things have been extremely tough for us lately. Most operators are just managing to stay afloat. Since the CBN stopped selling forex directly to us, our operations have been badly affected. We used to depend largely on the official window to get foreign exchange at regulated rates, but that avenue has been shut for a long time.

‘’Right now, survival depends mostly on what we can get from walk-in customers — people coming in to sell small amounts of dollars, pounds, or euros. But that’s not structured or steady. Sometimes, you can go days without a single serious transaction. The market is very dislocated, and demand has dropped sharply because most people now prefer to do transfers or use online platforms or IMTOs instead of physical cash exchanges.

‘’This may be good for the Naira, but sincerely, many of us are suffering. That’s why we’re proposing we get fully integrated.

‘’Meeting up with overhead costs has become a major challenge. Office rent, staff salaries, licenses, and other compliance expenses are still there, but the income isn’t coming in as before. As I talk with you, many operators have either closed shop temporarily or reduced their workforce just to cut costs.’’

He insisted that they are basically operating in survival mode — trying to keep their licenses active and hoping that the CBN will eventually re-integrate BDCs into the official market.

Going extinct
Making his own contribution, the President of the Association of Bureau Dec Change Operators of Nigeria (ABCON), Aminu Gwadebe, pointed out that the majority of its members are struggling to meet up with their overhead expenses, with their operations almost going extinct.

He said, ‘’The market is stable. As patriotic citizens, we align with policies that strengthen our sovereignty, which is the naira and commend both the regulatory and fiscal authorities on the naira stability and elimination of the exchange rate spikes.

‘’Our operations are currently near extinction, with the majority of our members struggling to meet up with overhead expenses. There is an ongoing positive collaboration between the CBN and the operators on the return of active participation of the BDCs in the retail end of the FX market.

‘’The BDCs, over time, remained the most potent tool of the CBN’s foreign exchange policy transmission mechanism. The majority of us are comatose as survival is largely dependent on the official foreign exchange market, which is not accessible to the BDCs, with only very few grappling with dislocated and unstructured walk-in customers.’’

Gwadebe noted that the CBN discontinued the sales of forex to BDCs a long time ago, with little or no intervention to date.

What you should know
The forex traders had over 2 years ago called on the CBN to allow them to provide liquidity in the retail end of the foreign exchange market, stating that the apex bank needs them for the success of the forex policies.

They advised the CBN to immediately leverage the BDCs and allow them access to banks’ autonomous window and agency of international money transfer operators.

They also urged the CBN to reinstate its 2015 policy guidelines, which allow the BDCs to effectively provide liquidity in the retail end of the market through the forex windows.

The 2015 policy guidelines allow the BDC operators to access foreign exchange from the autonomous window of the commercial banks, as well as act as agents for diaspora remittances.

https://nairametrics.com/2025/10/27/forex-traders-struggle-to-survive-as-cbn-cuts-bdcs-off-from-dollar-supply/

None for dating purpose
None for dating purpose

SlavaUkraini:
Una don use Pads and Condoms block the soak away

Na plumber 🪠🪠🪠 go use head carry the matter..

You see this icon here will do the magic.
🪠🪠🪠
When buying at building material store, ask them how to use it.

Abass07:
What you need is a toilet plunger

OP
This is exactly the tool you need to fix the issue.

Wife from hell.
You don marry na.
See the result.
Real wife from hell

After trying out his alternative, another doctor will come and give you another narrative on how the alternative can give you HIV. Abeg all die na die

Good Monica
I will subscribe to this services.
Thanks monica

Schprobs:
Was it tinubu that said katsina government should be romancing terrorist

Katsina Ala is in benue state.
An LGA.

Schprobs:
Was it tinubu that said katsina government should be romancing terrorist

Katsina Ala is in benue state.

Youngsage:
250kg of rice, not 250 bags of rice

OP definitely has no idea what 250 bags of rice is.

That's 250 * 50kg
= 12,500kg of rice!!!

That's definitely not going into that pot

It should be
250kg / 50kg

U should get 5 bags of 50KG
That means she is cooking 5bags of 50Kg

OJUENDAN:
I don't wanna believe this narrative just like that.
Where are the tools or was he vandalizing with bare hands?
If no tools found there, it could be suicide please.

Are u not seeing the metal wire cutter /pitch pliyer hanging there with him by his head side. Left side of his head

frog12:
NIN can not be non-sensitive data and also a crime to have it.

Sir,
I don’t have energy for argument.
I have classified the data. Base on my experience on data analysis and a as a programmer.
And what I think there software Engineers have done.

Also I can put it to you that your non sensitive data are also littered all over the internet including your CV inside your email.

Privacy is protected, just at the level you understand it. Deep down at the native linage there is no privacy in computing , everything can be unravel.
That’s why you hear the word Hacking.
We all leave in this world of Endless possibilities.
That word, Endless possibilities is not a Joke

frog12:
how can the NIN itself be non-sensitive data?
so FiJ did not impersonate. they must have received the NIN somewhere and their investigation show that website they provide even sensitive data.

Before now, on the early years of NIMCs, on the NIN slip.
The NIN number was not displayed


But this is just my thinking. Base on my analysis.
Most of the organizations that want you to bring your NIN slip just wanted to be sure that the number you are giving them is same thing on the slip.
So I think NIMCs later re-introduce the display of the NIN number on the slip.

Your question is dicey.
But the things is
Originally for you to have gotten hold of the the NIN number is the main crime(FIJ as impostor and impersonator),
Displaying it on the slip does not secure the privacy again since at first u have gotten hold of it and have search it correctly.
If for instance you search a wrong Number as a NIN it will not display any thing for you. It display the slip only when you provide an accurate NIN number.

With this,
I put it to you that FIJ is the impersonator and the impostor.

Nip the crime in the bud.
Cut off the hydra head first.
Then you will realize that the search should only have been done by the real owner and not FIJ.

frog12:
Sharing non sensitive data is not bad:

so which parts are non-sensitive?
NIMC data should only be shared with police,efcc and security agencies and telecoms that want to do NIN verification on NIMC portal.

In the data classification
None sensitive data: name, passport, tracking ID,Gender, NIN number (which u already had for the retrieval), address

Sensitive data :thumb print, date of birth; state of origin,LGA,language,religion, next of kin, phone number

NIN number use to be part of sensitive data. But how do u retrieve the data without the NIN number ?
That is how the NIN number can not be classify under sensitive part. Because the person will first of all get hold to your NIN

Hope you Know That
Even without having the the ministers NIN number I can google most of his none sensitive data online ?

None sensitive data: name, passport, tracking ID,Gender, NIN number (which u already had for the retrieval), address

PulaPower:
No, I didn’t say so..

Read what I write well... I specified *Especially Nigerians wey like to register to different loan apps*

What happened to the minister and senator is hacking, not as if they register to loan apps..

Loan apps isn’t the only way to hack into your informations, there are other means too..

But loan apps are very easy, hence why I’m warning Nigerians..

If you don’t keep your NIN number,BVN number and and Voters ID number privately. Then you are responsible for any out come you get.
Not NIMCs.
NIMCs gave it to you privately.
Hope you know that when you commit a crime ;
Your BVN can be blacklisted completely from transacting in Nigeria financial system.
So stop putting your private numbers on anyhow website or app.
U take responsibility for such personal actions of yours

frog12:
maybe you are correct. the post says "To retrieve someone’s NIN record on this website, all one has to do is fund the wallet and then click on ‘NIN With Phone’ located on the left hand panel of website".

So I don't know if they only use the minister phone numbers, but the whole idea of allow all these street vendors to register people for NIN is nonsense.

Sharing non sensitive data is not bad.
The only way to fight insecurity is by sharing non sensitive data.
NIMCs have done their part.
It is left for the police,civil defense,EFCC and other agencies to retrieve this data and document is at their own respective central database ; base on the crime committed by any individual.
And if such individual is not having NIN number the security agency then profile the person and register a new NIN for the person and then profile the individual on the central crime database with his crime description for future retrieval.

frog12:
Fij access the data from that website. How did that website get it?
you don't know nigerians? they will sell your personal data.

Who gave FIJ the Ministers NIN number to search ?
Who gave FIJ Orji uzo Kalu NIN number to search in the first place?

U can never search and get result except with the NIN number .
And I can also run such services on my website it cost nothing.
I only collect a token for retrieving the data.
The service is free from NIMCs.
FIJ is the impostor
FIJ is the impersonator.

The sensitive part of your NIN is the biometric thumb print and the date of birth.
In fact from NIN office the slip is gotten with N500.
The traffic at their office became unbearable for just to get get the none sensitive data slip. They just had to put it out on the cloud to license partners for easy access.

frog12:
How do you think Fij search for the information? Just name I think, and they receive the ministers NIN and residential address as well.
NIMC allow all these 3rd party parners to get access even though they mention last time that there is no leak.

kidnappers they learn

You can only search using the NIN number.

frog12:
you are wrong. NIMC is wrong to give 3rd party license partners to our data. what do you think they will do with it, cook Akara?

Let me ask you.
Who is supposed to be in the possession of your NIN number,INEC number and BVN.
It can only be you.
And possibly where u submit your privets data for verifications.
See let me tell you.
I am a programmer. We use API daily.
And that is the only secured interface that NIMCs can use to share NONE sensitive part of your NIN data to the public whole world for verification. The non sensitive data is for verification purpose.

frog12:
you have corrupt NIMC staff that sold these data. government should allow all these people to register people for NIN.

nigeria is not serious. corrupt everywhere

The website did not commit any crime.
FIJ that stole and obtained the NIN number of any individual is the one that committed a crime by bursting and obtaining NIN number under false pretense. Where did FIJ get the NIN from. Did the minister gave it to FIJ.
NIMC actually gave the license to a partners which is correct.
And was provided via Application Programming Interface.API

What FIJ do not understand is: the service providers can sub-let there license and services to a 3rd party partners/agent.
And this can be done via API.
Provided that all partners have done their KYC and NIN verified.
Which make such partners traceable in case of any eventuality.

NIMCs is also aware of that.

The major issue here is how did FIJ get hold of the ministers NIN and Orji Kalu NiN. That’s the main crime.
And not the legitimate services that was provided through a licensed agent.

NIMCs is also aware of that.

I just hope this is realistic.
Because this fund can go a long way to boost SME


Please post all threads in the right section, and don't derail threads by posting off topic.

This is dicey .
I don’t even know how to analyze the incident.
One side have spoken .
We need to hear the story from the other side

Dogalmighty17:
If it won't affect supply of petrol, then why does the company think the public needs to know about it maintenance operation? Not everything has to be news.

He wanted to send supply panic and jack up the price,
And he succeeded in doing that.

This website was not working or checking result as at yesterday.
The website is not going

this is really waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa ooooooo

Soludo is targeting they president possition; that is why he don’t want PO there; he want to be Igbo president. But u can’t be looking for re-election for second term as a governor and at the same time eye the seat of a president that is 10 years away. Soludo abi na Yeyeudo

Wow she have achieve a
A lot I mean a lot in her choosen career