Tag Archives: Travelex

Travelex sells dollars directly to travellers at N356

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Travelex, a global foreign exchange dealer, on Friday resumed sale of dollars directly to travellers at N356 to a dollar.

The firm’s office inside the Murtala Muhammed International Airport, Lagos terminal was besieged by hundreds of travellers.

Some Bureaux de change operators within the terminal were also selling from N470 to N472 to a dollar to travellers.

Travelex, which recently got the approval of the Central Bank of Nigeria (CBN) to sell dollar, however, gave stringent conditions for the transaction.

The requirements include presentation of valid international passport, visa to destination, Biometric Verification Number (BVN) card, airline boarding pass and signed copy of transaction.

The firm also directed that cash would only be handed over to the traveller at the boarding gate after security and immigration checks.

According to the firm, these conditions are to ensure that dollar is sold to only genuine travellers, and discourage racketeering.

Consequently, some of the travellers were unable to buy dollars from Travelex because they could not produce their BVN cards.

One of them, Mr Uche Ikediashi, stated that he was hearing about the card for the first time.

“Yesterday I bought dollars from a BDC at N470. Today I was told that Travelex is selling at N356; that is why I came here, but they said I needed to bring my BVN card and I don’t have it,’’ he said.

Another traveller, Mr Samson Uduak, commended the CBN for the initiative which, he said, had created easy access to forex for travellers.

Uduak said: “Buying directly from Travelex is very good but the CBN needs to sensitise Nigerians to go and obtain their BVN cards from their banks.’’

Travelex To Commence Sales Of Forex To BDCs Today

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Travelex, an international money transfer agent, will commence the sales of forex to the 3,000 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 $15,000 will be disbursed to each of the 3,000 BDC operators in the country, and estimated that about $45 million will flow into the system.

He further stated that the improvement from the previously approved $10,000 weekly, would strengthen the Naira against the dollar and ease forex scarcity.

“Remittances have direct positive and significant impact on consumption, investment, and demand in the country as it can be used to address short-run output shocks, and even long-run growth,” Gwadabe explained.

The integrity of Travel would be key in getting the dollars to the BDC operators and “urged BDC operators” to visit the CBN branches in their respective region for biometric data capturing by Travelex.

“The biometric data capturing would enable the BDC operators to access the International Money Transfer Operators /Travelex dollars window, which would start very soon,” he added.

“We want to commend the CBN for reaffirming the country’s commitment to building an enabling environment and a level-playing field for international money transfer services to Nigeria. By increasing the number of the IMTOs from three to 14, the CBN under its Governor, Godwin Emefiele, will set the economy on the path of development in the medium to long term and restore integrity in the international money transfer business.”

“This is commendable, and should boost economic activities in the country,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.