Some Bureau De Change operators on Thursday said that the requirements of the Central Bank of Nigeria (CBN) for sale of foreign exchange was affecting their sales.
They disclosed this to the News Agency of Nigeria (NAN) in Lagos.
They said that inability of customers to provide all the required data had been posing challenges in the sale of foreign exchange
An operator, who preferred anonymity, told NAN that many customers had discrepancies with the information on their international passports and the Biometric Verification Number (BVN).
He cited the problem of not having same information such as difference in date of birth on the two requirements.
The trader said that the extension of BVN to the sub sector as part of requirements for sale of foreign exchange was giving the BDCs some problems.
According to him, foreign exchange should be allowed to be sold without challenges.
He said that the policy had reduced the level of foreign exchange sold on weekly basis by the BDCs.
“Extending BVN to BDCs has brought problem to us. This is because we do not have the power to store people’s data like the bank.
“Commercial banks are deposit money institutions that are backed by Data Protection Act to store customers’ data.
“In our own case, customers are not willing to divulge personal information,” the trader said.
NAN reports that the requirement needed for purchase of forex before the BVN registration were international passports, travel tickets and valid visas.
The adoption of BVN as a condition for the sale of foreign exchange is expected to reduce the incidence of multiple purchases, round tripping and illicit transfer of funds.
It also facilitate enforcement of authorised limits of forex sales to end users, sanitize the retail segment of the market and engender policies that will facilitate better allocation of foreign exchange.
Go to the nearest ATM, and insert your ATM card
Input your 4-digit PINand press Enter
Select your bank account type eg Savingsor Current
Select the ‘Quickteller’ option from the ATM menu screen
Select ‘Pay Bills’ from the Quickteller menu list on the ATM screen
Select ‘Others’ for the bill payment menu option list
Enter ‘322222”as the Biller Code
Enter your Phone Numberas the Customer Reference Number and select ‘ Proceed’
You will get a display “Do you want to make this payment?” Amount Due:N1
DO NOT edit the amount to be paid
Click on “Pay amount due”
You will then get a confirmation page indicating the registration was successful
*Note that a surcharge of N100 may be applicable to each successful registration.
During the first 14days, money in your mmmoffice account (or Mavro) is
frozen and you can't Get Help - Get Help means Withdrawal. Therefore,
when you can withdraw is after your Mavro has turned green.
So, how to withdraw or get help in MMMOffice Nigeria
On your dashboard, click on the Get Help button by the right corner of the page just like the ss above...
The next page appears thus like the picture below...
Tick on "Select Bank Account" if you want to withdraw into your already
registered/existing account or Tick on "Add new bank account" to add a
new account. But the rule of MMM is a participant needs to add an
account even before PH, so i advice you already added your desired
account before now and tick on the first option then click Next ...(Read more on how to add account in mmmoffice)
The next page comes up...
Click and Select your account for withdrawal receipt..Click on Next to proceed.
This center page comes up...