Dollar Scarcity To End As Travelex Begins Sale of $15,000 To Bureau De Change

Travelex, a global foreign exchange dealer, will today disburse the sum of $15,000 to each of the 3,000 registered Bureau De Change operators in Nigeria.

The President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said this in a statement on Thursday. He said with each of the 3,000 BDC operators getting $15,000 each, $45m will flow into the system.

He commended CBN for giving approval to Travelex to commence the disbursement of forex.
The dollar inflow, being disbursed by Travelex, is part of the country’s Diaspora remittances estimated at $21bn annually.

He said the development, which was an improvement over the initially approved $10,000 weekly, would deepen dollar liquidity in the system and strengthen the naira against the dollar.

Gwadabe said the experience and integrity of Travelex would be key in getting the dollars to the BDC operators. He urged all ABCON members and other BDC operators to visit the CBN branches in their respective zones for biometric data capturing by Travelex.

Gwadabe said the biometric data capturing would enable BDC operators to access the International Money Transfer Operators/Travelex dollars window, which would start very soon.