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Bureau De Change Operators Demand VAT Exemption

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  • Bureau De Change Operators Demand VAT Exemption

The Association of Bureaux De Change Operators of Nigeria, ABCON, has called on the government to exempt bureau de change operators from paying Value Added Tax, VAT and Commission on Turnover, COT.

ABCON President, Dr. Aminu Gwadabe made this known at the launching of the association’s Automation Portal project titled: “Digitising BDCs operations for efficiency, transparency and regulatory compliance”, held in Lagos.

The president noted that the BDC industry is faced with many challenges from abnormal bank charges, multiple exchange rates, VAT to COT.

He said: “The BDC sector is confronted with many challenges that have continued to defile solutions. Some of them include multiple exchange rate, abnormal bank charges, VAT and COT, parallel market operators and illegal International Money Transfer Operators, IMTOs, porous international borders, complex documentation requirements and poor capacity/skills of operators.

“To ensure that the industry overcomes its current challenges, we demand that the CBN exempt BDC from VAT and COT, reduce BDCs annual license renewal fee and also expand their scope of transactions. On deepening capacity/skills of industry operators, we appeal to the CBN to issue Letter of Consent to our proposed training institute.”

“We implore the Police, Directorate of State Service, DSS, to go after the illegal currency dealers. We also implore government to carry out serious public orientation that will warn the public on the dangers of patronizing illegal forex dealers as such is a sure way of building trust, sanity and professionalism to the industry.”

On the new Automation portal, he said the aim is to enhance BDCS compliance with set regulations and promote integrity. ”The portal will sustain transparent transactions in the BDC corridor, boost the morale of operators and ensure continuous operations in ABCON and that the project came with three layers and stages.”

He stated: “First layer is an online registration of our members in order to build a membership database. The second layer bothers on automation of BDCs’ operational processes, book keeping, issuance of receipt, preparation of accounts, balance sheets, ledgers and sales/purchase registers. The most important of this layer is the online real time rendition of returns to regulatory agencies.

“Another important feature of this layer is our platform’s integration of the NIBSS portal for verifications and validation of clients’ Bank Verification Numbers (BVN), which is a most vital requirement for forex sale. Of special note is also the integration of our platform to immigration platform for the verifications of international passport. Already, we are in advance engagement with the Irish technology experts for the achievement of this idea.”

“The final layer is the one that excites me a lot and has to do with a trading platform for BDCs in Nigeria. Our technical experts in India, Poland are in advance stage of completion for onward submission to the CBN”.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Naira

Daily Naira Exchange Rates; Thursday, March 4, 2021

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interbank

Naira Exchange Rates; Thursday, March 4, 2021

Naira exchanged lower against global counterparts on Thursday morning as scarcity persists across forex segments. Naira traded at N480 to United States Dollar on the black market while to a British Pound it sold for N672 as shown below.

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
04/03/2021 475/480 665/672 574/580 60/68 385/395 382/300
03/03/2021 475/480 662/672 574/580 60/68 385/395 382/300
02/03/2021 475/480 662/672 574/580 60/68 385/395 382/300
01/03/2021 475/482 662/672 575/583 60/68 385/395 382/300
26/02/2021 475/482 660/672 575/583 60/68 385/395 382/300
25/02/2021 475/480 660/670 572/580 60/68 385/395 282/300
24/02/2021 475/480 655/670 570/580 60/68 385/395 282/300
23/02/2021 475/480 655/665 575/582 60/68 385/395 282/300
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
04/03/2021 470/480 662/672 570/580
03/03/2021 470/480 662/670 573/580
02/03/2021 470/480 660/669 573/580
01/03/2021 470/480 660/669 574/580
26/02/2021 470/480 660/669 574/580
25/02/2021 470/480 658/665 574/580
24/02/2021 470/478 654/660 570/578
23/02/2021 470/478 654/660 570/578
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

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Naira

Daily Naira Exchange Rates; Monday, March 1, 2021

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naira

Naira Exchange Rates; Monday, March 1, 2021

Naira exchanged at N482 to a United States Dollar on Monday on the parallel market, while it traded at N480 to a US Dollar at the bureau de change section of the foreign exchange market.

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
01/03/2021 475/482 662/672 575/583 60/68 385/395 382/300
26/02/2021 475/482 660/672 575/583 60/68 385/395 382/300
25/02/2021 475/480 660/670 572/580 60/68 385/395 282/300
24/02/2021 475/480 655/670 570/580 60/68 385/395 282/300
23/02/2021 475/480 655/665 575/582 60/68 385/395 282/300
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
01/03/2021 470/480 660/669 574/580
26/02/2021 470/480 660/669 574/580
25/02/2021 470/480 658/665 574/580
24/02/2021 470/478 654/660 570/578
23/02/2021 470/478 654/660 570/578
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
2/26/2021 US DOLLAR 379 379.5 380
2/26/2021 POUNDS STERLING 527.7196 528.4158 529.112
2/26/2021 EURO 459.0448 459.6504 460.256
2/26/2021 SWISS FRANC 418.3685 418.9204 419.4723
2/26/2021 YEN 3.5644 3.5691 3.5738
2/26/2021 CFA 0.6873 0.6973 0.7073
2/26/2021 WAUA 547.559 548.2813 549.0037
2/26/2021 YUAN/RENMINBI 58.6007 58.6785 58.7562
2/26/2021 RIYAL 101.0505 101.1838 101.3171
2/26/2021 SOUTH AFRICAN RAND 25.2827 25.316 25.3494

 

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Naira

Daily Naira Exchange Rates; Thursday, February 25, 2021

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lending

Daily Naira Exchange Rates; Thursday, February 25, 2021

The Nigerian Naira traded at N480 to a United States Dollar in the early hours of Thursday, February 24, 2020 at the parallel market popularly known as the black market. While the British pound was exchanged at N672 and Euro sold for N583. See the details below.

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
25/02/2021 475/480 662/672 575/583 60/68 385/395 282/300
24/02/2021 475/480 655/670 570/580 60/68 385/395 282/300
23/02/2021 475/480 655/665 575/582 60/68 385/395 282/300
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
25/02/2021 470/480 658/665 574/580
24/02/2021 470/480 654/660 570/578
23/02/2021 470/478 654/660 570/578
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
2/24/2021 US DOLLAR 379 379.5 380
2/24/2021 POUNDS STERLING 535.7923 536.4992 537.206
2/24/2021 EURO 461.0914 461.6997 462.308
2/24/2021 SWISS FRANC 417.6309 418.1818 418.7328
2/24/2021 YEN 3.5805 3.5853 3.59
2/24/2021 CFA 0.6825 0.6925 0.7025
2/24/2021 WAUA 546.5445 547.2656 547.9866
2/24/2021 YUAN/RENMINBI 58.7606 58.8386 58.9166
2/24/2021 RIYAL 101.0505 101.1838 101.3171
2/24/2021 SOUTH AFRICAN RAND 26.0338 26.0681 26.1025

 

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