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Forex speculators to lose N100bn as CBN sustains funding for BDCs

Forex speculators to lose N100bn as CBN sustains funding for BDCs
tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.

Naira4Dollar scheme may have boosted foreign exchange inflow

Naira exchanges for 480/$ at parallel market - Punch Newspapers

Punch Newspapers Sections Nike Popoola Published 5:39 am The naira exchanged to the dollar at the rate of 480/$ at the parallel market on Friday according to the Bureau de Change operators. At the Importer & Exporter forex window, it reached a high of 435/$ before closing at 410/$. The Central Bank of Nigeria recently disclosed that the naira depreciated at the official market to 410 against the dollar. “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from 305/$ to 360/$ and now hovers around 410/$,” it stated. Recently, the Association of Bureaux De Change Operators of Nigeria called on the CBN to introduce measures that would counter the advantages of cryptocurrencies exchanges as a channel for diaspora remittances.

Boko Haram Funding: Why Getting Bail For Affected Bureau De Change Operators Is Impossible For Now—Association President

Boko Haram Funding: Why Getting Bail For Affected Bureau De Change Operators Is Impossible For Now Association President The know your customer or know your client guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. by Saharareporters, New York Apr 22, 2021 President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe has said operators arrested in connection with financing Boko Haram terrorists, were implicated by customers due to non-compliance with Know Your Customer guidelines.    The know your customer or know your client guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.

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