@Joseph01 29 September 2021 more from that month

Nigerians this is the latest news remintano. On the 22nd of July 2021, the Central Bank of Nigeria declared its intent to stop the sale of Forex to BDC operators (also known as Bureau De Change). The announcement by the Central Bank Governor during a monetary policy meeting has since been met with mixed feelings. While many commended the decision as a courageous move by Nigeria's Apex Bank, some believe it is a costly mistake. Unfortunately, some don’t know what foreign exchange is and how the market works to their advantage or disadvantage. For many, the challenge is that they will have to go through the stress of the traditional banking system to carry out the foreign exchange. It also means traders would get a fixed - which is usually a low rate - for exchanges. With years of experience in the exchange industry, Remitano knows a lot about foreign exchange in Nigeria and is updated with the many developments. It proposes cryptocurrency transactions as an alternative for traders who want to carry out foreign exchange. But before we get to this, let's try and understand the stance of the Nigerian government on the operations of BDCs.