Travelex, an international money transfer agent, will commence the sales of forex to the 3,000 registered Bureaux De Change operators in the country on Friday.

According to the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, the sum of $15,000 will be disbursed to each of the 3,000 BDC operators in the country, and estimated that about $45 million will flow into the system.

He further stated that the improvement from the previously approved $10,000 weekly, would strengthen the Naira against the dollar and ease forex scarcity.

“Remittances have direct positive and significant impact on consumption, investment, and demand in the country as it can be used to address short-run output shocks, and even long-run growth,” Gwadabe explained.

The integrity of Travel would be key in getting the dollars to the BDC operators and “urged BDC operators” to visit the CBN branches in their respective region for biometric data capturing by Travelex.

“The biometric data capturing would enable the BDC operators to access the International Money Transfer Operators /Travelex dollars window, which would start very soon,” he added.

“We want to commend the CBN for reaffirming the country’s commitment to building an enabling environment and a level-playing field for international money transfer services to Nigeria. By increasing the number of the IMTOs from three to 14, the CBN under its Governor, Godwin Emefiele, will set the economy on the path of development in the medium to long term and restore integrity in the international money transfer business.”

“This is commendable, and should boost economic activities in the country,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.

http://investorsking.com/travelex-to-commence-sales-of-forex-to-bdcs-today/

ok GOOD MORNING NAIRALAND

ITS




CRAZYNAIJADUDE

That's Nice

Am tired of 'they want to...' let them. Let dollar fall,
Let buy cheap food, clothes and shelter, pls

I really wish i could be hopeful but the folks with billions of stolen naira stashed in safes and farms will mop up whatever is brought in with the quickness for onward transfer to their numerous foreign accounts....


Nigeria is a peculiar country, what has worked and is still working in other countries almost never do here, it's like there is something (apart from corruption duh) defective in naija's genetic makeup that just doesn't want to be great!!!

We may solely be import dependent but we all know importers don't require more than 40-50% of forex in the system, proceed of corruption is what is majorly chasing forex upandan.

This measure would have been taken since.

modath:
I really wish i could be hopeful but the folks with billions of stolen naira stashed in safes and farms will mop up whatever is brought in with the quickness for onward transfer to their numerous foreign accounts....


Nigeria is a peculiar country, what has worked and is still working in other countries almost never do here, it's like there is something (apart from corruption duh) defective in naija's genetic makeup that just doesn't want to be great!!!

We may solely be import dependent but we all know importers don't require more than 40-50% of forex in the system, proceed of corruption is what is majorly chasing forex upandan.

You are correct, people will buy up the dollar and hoard it again to create scarcity.

9ja is a country were normal rules don't work

modath:
I really wish i could be hopeful but the folks with billions of stolen naira stashed in safes and farms will mop up whatever is brought in with the quickness for onward transfer to their numerous foreign accounts....


Nigeria is a peculiar country, what has worked and is still working in other countries almost never do here, it's like there is something (apart from corruption duh) defective in naija's genetic makeup that just doesn't want to be great!!!

We may solely be import dependent but we all know importers don't require more than 40-50% of forex in the system, proceed of corruption is what is majorly chasing forex upandan.

That is why Travelex introduced compulsory biometric registration before selling to BDC operators. It will curb their activities to some extent and help boost liquidity in the market. Maybe that is why some of the BDC operators are reluctant to register.

Don't forget Travelex also sell dollars as well, so this move will ease the economic gridlock. Just the announcement already bolstered Naira value on the parallel market.

Edited When I said the above this morning, I didn't know it will be this fast. Travelex has dropped price from N470 to N356 per dollar within 12 hours. Better days ahead modath.

Praise the Lord

ok

Truth234:


That is why Travelex introduced compulsory biometric registration before selling to BDC operators. It will curb their activities to some extent and help boost liquidity in the market. Maybe that is why some of the BDC operators are reluctant to register.

Don't forget Travelex also sell dollars as well, so this move will ease the economic gridlock. Just the announcement already bolstered Naira value on the parallel market.

i dont trust nigerians....the travelex can connive with these corrupt people to hoard it further

Hope this won't bring naira dollar rate to 400? It should remain at 500 please

modath:
I really wish i could be hopeful but the folks with billions of stolen naira stashed in safes and farms will mop up whatever is brought in with the quickness for onward transfer to their numerous foreign accounts....


Nigeria is a peculiar country, what has worked and is still working in other countries almost never do here, it's like there is something (apart from corruption duh) defective in naija's genetic makeup that just doesn't want to be great!!!

We may solely be import dependent but we all know importers don't require more than 40-50% of forex in the system, proceed of corruption is what is majorly chasing forex upandan.

ive been chanting this for years now..i call them cabals or evil men..they're in every sector of the Nigerian economy, not just forex!! My solution.. Killl all the politicians In Nigeria. .spare no one.

Ebimablog:
Hope this won't bring naira dollar rate to 400? It should remain at 500 please

N500?.....You are not wishing Nigeria well o! Though N500 favours me!

The dollar will crash to 420n/$ in 2 weeks time

Confused Government.

Welcome develop the Cbn should as well regulate the activites of the banks as well , u can't buy from the interbank fx markets at 310 and sell at 410 to customers , stanbic ibtc still have the best rates at 380... All of this hike in the fx rates in it's self is corruption ... Sometin should be done on this .. It's not only to chase looters ..

I wish it will work this time around

okay, but is dollar also the reason why Nysc doesn't want to mobilise all eligible prospective corp members?


Abeg make una support my sisi by clicking the facebook link on my signature and like her photo. Datz all

Miles300:
Welcome develop the Cbn should as well regulate the activites of the banks as well , u can't buy from the interbank fx markets at 310 and sell at 410 to customers , stanbic ibtc still have the best rates at 380... All of this hike in the fx rates in it's self is corruption ... Sometin should be done on this .. It's not only to chase looters ..

plz bro do u have access to the stanbic rate iam interested

I hope the sale will crashes the price of fx ar the parallel mkt

That's good. Hopefully, the pressure on the naira will reduce to an extent in the coming days with this development.

ozor1:
ive been chanting this for years now..i call them cabals or evil men..they're in every sector of the Nigerian economy, not just forex!! My solution.. Killl all the politicians In Nigeria. .spare no one.

A time will come that we will have a leader that will hold all of this politicians accountable old an present and all assets will be forfeited , and they will aly be swept into jail ... They are the problems with this nation not the people directly .. And everyone of them must go !! Before Nigeria will be great again .. Canker worms

Adupe

Same old news same old poor result


I dont believe what I read anymore

The most annoying thing is that naira would be strengthened until 1 dollar is 1000 abi.

kevinscore:

plz bro do u have access to the stanbic rate iam interested

u can apply for there naira master card , and pay stuffs online with at the rate of 380 for a dollar ... Am not in the country I only use mine to withdraw dollar here from my master card and nd pay for online transactions at that rate and they are consistent with there rates .. For months now ..

There is no short cut to economic positives. If we don't fix our balance of trade deficits, Travelex cant do nothing.

Even before implementing these rules, the BDCs already have their plabs

Truth234:


That is why Travelex introduced compulsory biometric registration before selling to BDC operators. It will curb their activities to some extent and help boost liquidity in the market. Maybe that is why some of the BDC operators are reluctant to register.

Don't forget Travelex also sell dollars as well, so this move will ease the economic gridlock. Just the announcement already bolstered Naira value on the parallel market.

modath:
I really wish i could be hopeful but the folks with billions of stolen naira stashed in safes and farms will mop up whatever is brought in with the quickness for onward transfer to their numerous foreign accounts....


Nigeria is a peculiar country, what has worked and is still working in other countries almost never do here, it's like there is something (apart from corruption duh) defective in naija's genetic makeup that just doesn't want to be great!!!

We may solely be import dependent but we all know importers don't require more than 40-50% of forex in the system, proceed of corruption is what is majorly chasing forex upandan.

God bless you dear. can you just imagine that $450m is expected to have significant impact on the exchange rate when those thieves we call leaders have our stolen billions of dollars in there person account elsewhere. unfortunately most of the BDCs are owned by these unscrupulous people. the moment this money is released, the next thing they do is raise fictitious receipt to mop it up for onward transfer to their foreign account then the country finds itself in square one again.

Cool