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Retail buyers will now access foreign currency via bank mobile apps, Nigeria's central bank says


Image source: Techcabal
The Central Bank of Nigeria has directed commercial banks in the country to create mobile applications that will enable easy sales of foreign exchange (FX or forex) to retail customers.
The directive comes after the CBN, on Tuesday, halted its weekly allocation of forex to Bureau de Change companies (BDCs), whose primary responsibility is the sale of minimal amounts of dollars to citizens for small-time payments such as overseas school fees. The regulator had accused them of violating their terms of operation.
According to the apex bank, money changers in the country have been involved in manipulating exchange rates, rent-seeking, and money laundering activities. It plans to commence the refund of licensing fees and the ₦35 million minimum capital deposits to applicants of BDC licenses soon. ....

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