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LequteMan
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The Central Bank of Nigeria, CBN, is proposing to position Travelex, a global foreign exchange (forex) dealer, to replace Bureaux De Change operators (BDCs) to retail forex for end users, The Nation reports.
Aminu Gwadabe, Chief Executive Officer, SABIL Bureau De Change Limited, said CBN’s desperation to meet dollar demands from banks, government agencies and importers prompted it to give dollar import licence to Travelex.
Gwadabe, who doubles as the President, Association of Bureaux De Change Operators of Nigeria (ABCON) added 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 supply gap in the economy.
Travelex is the world’s largest foreign exchange bureau specialised in international payments, bureaux de change and issuing prepaid credit cards for travellers. In 2000, it bought Thomas Cook’s worldwide forex business for £440 million, expanding significantly its international operations.
Aminu Gwadabe, Chief Executive Officer, SABIL Bureau De Change Limited, said CBN’s desperation to meet dollar demands from banks, government agencies and importers prompted it to give dollar import licence to Travelex.
Gwadabe, who doubles as the President, Association of Bureaux De Change Operators of Nigeria (ABCON) added 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 supply gap in the economy.
Travelex is the world’s largest foreign exchange bureau specialised in international payments, bureaux de change and issuing prepaid credit cards for travellers. In 2000, it bought Thomas Cook’s worldwide forex business for £440 million, expanding significantly its international operations.
