No More Mallam: CBN Ban Street Trading Of Foreign Currencies From Jan 1st

Street hawking of foreign exchange is no longer permissible, the Central Bank of Nigeria (CBN) has said in its latest circular which sets out new guidelines for the operations of bureaux de change (BDCs).  Street sale of foreign exchange by the so-called “mallams”, which is very common in Lagos, has endured for over three decades, surviving civilian and military administrations. The CBN, in a circular , did not outline how it will deal with hawkers but said from January 1, 2016, street trading of the dollar is “non-permissible” and will be severely punished by the bank.

“Similarly, it shall be a ground for the revocation of Licence should any street trader in foreign currencies be found to have any business relationship with a Licenced BDC,” the guideline reads.
The circular, titled “Revised operational guidelines for bureaux de change in Nigeria”,  prescribes that for a BDC to be considered valid in 2016, its must meet a financial requirement of depositing N71.45 million with the CBN.

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Posted: at 16-12-2015 02:24 PM (8 years ago) | Addicted Hero

ok

Posted: at 16-12-2015 02:48 PM (8 years ago) | Addicted Hero

If this will help sustain the economy, it is welcome.
All l want is the Nigeria economy to be better

Posted: at 16-12-2015 03:05 PM (8 years ago) | Gistmaniac

Gbam...that was crazy, But seriously its best thing to do that can make this country develop lil.

Posted: at 16-12-2015 03:34 PM (8 years ago) | Hero

Better! Somebody can now walk to the bank and change his/her money.

Posted: at 16-12-2015 06:53 PM (8 years ago) | Gistmaniac

Imagine if the ibos are the dominant in this trade... imagine imagine just imagine, hmm probably worst than Biafra would've been demanded for..   u go de hear!! marginalisation,oppression division domination ibolationnnn.  HABAAAA what   uncertain and  uncertified folks....   Tueee

Posted: at 16-12-2015 10:02 PM (8 years ago) | Upcoming

يراقب الله !!!

Posted: at 17-12-2015 03:19 PM (8 years ago) | Gistmaniac

Yeah, this is good news. But to talk dey easy for mouth sha, based on say nah free. Make dem try implement am oo

Posted: at 24-12-2015 02:50 AM (8 years ago) | Gistmaniac

Honestly!!!

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Posted: at 4-07-2016 11:47 AM (7 years ago) | Gistmaniac