Buying forex from travelex in nigeria

Buying forex from travelex in nigeria

12/7/ · Barely two months after the Central Bank of Nigeria (CBN) gave approval to Travelex, a global foreign exchange dealer, to sell Basic Travel Allowance (BTA) and Personal Travel Allowance Author: Sunnews 10/26/ · Liquidity challenges in Abuja and environs will ease further as Travelex and First Bank begin the sale of Forex to BDCs in the north, the News Agency of Nigeria reports 9/26/ · According to the president of the Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, Travelex has the technology to sell forex to over 1, Bureau de Change operators within a few hours, which he said is a major advantage and he assured that the distribution would be efficient and uniform across ABCON members, unlike what was obtained in the past

Forex scarcity hits Travelex, BDCs – The Sun Nigeria

Barely two months after the Central Bank of Nigeria CBN gave approval to Travelex, a buying forex from travelex in nigeria foreign exchange dealer, to sell Basic Travel Allowance BTA and Personal Travel Allowance PTA to intending travellers, Daily Sun investigation revealed that acute shortage of dollars may have hit the firm. The development has left hundreds of travellers stranded as a result of the inability of Travelex to provide them withthe required foreign exchange.

An official of Travelex buying forex from travelex in nigeria Murtala Muhammed International Airport, Lagos, who pleaded not to be named because he was not authorised to speak, buying forex from travelex in nigeria, told Daily Sun that for about 12 days, the global forex dealer has been unable to attend to the requests of passengers. Besides Travelex, majority of other CBN licensed Bureaux De Change BDCs are equally without forex to disburse to end users.

Some travellers, who spoke to Daily Sun at the international wing of the airport, expressed their frustrations, saying they might suspend their trips because of their inability to source the hard currency.

A passenger aboard a KLM flight to Amsterdam enroute to Houston, who identified herself simply as Judith, said she blamed the management of Travelex for not communicating with the members of the public, either through advertorial, radio jingles or television to keep them abreast of the development so that they could make alternative arrangement.

Another traveller on Lufthansa, Mr. Kunle Odedina, faulted the shoddy arrangement on the part of Travelex, saying it could have saved hundreds of passengers the embarrassing situation.

But when contacted, the Acting Director, Corporate Communications of CBN, Mr. Isaac Okorafor, buying forex from travelex in nigeria, said the forex given to Travelex and licensed BDCs are inflows from International Money Transfer Organisation IMTOadding that once the inflow is not forthcoming, such would affect disbursement to Travelex and other BDCs.

On his part, Media Consultant to Travelex, Mr. Festus Masajuwa, explained that there was no stock available to sell to travellers, adding that replenishment was being awaited from CBN. It is whatever they give to us that we sell, but for now, we are out of stock.

We have been asking them for forex, and all they keep telling us is that they will get back to us. The circular added that a BDC shall nominate its preferred authorised dealer and can only procure the said amount from that bank of its choice in a week. The bank said the rate by the authorised dealers to BDCs shall be the buying rate from IMTOsß plus a margin not exceeding 1.

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How To Order Currency Online Through Travelex

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Travelex, FBN begin Forex sale in Abuja, Kano, Port Harcourt – 9News Nigeria

10/26/ · Liquidity challenges in Abuja and environs will ease further as Travelex and First Bank begin the sale of Forex to BDCs in the north, the News Agency of Nigeria reports The Central Bank of Nigeria (CBN) is grooming Travelex, a global foreign exchange (forex) dealer, to replace Bureaux De Change operators (BDCs) to retail forex for end users, The Nation has learnt 10/7/ · Travelex, an international money transfer agent, will commence the sales of forex to the 3, registered Bureaux De Change operators in the country on Friday. According to the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, the sum of $15, will be disbursed to each of the 3, BDC operators in the country, and estimated that about $45 million will