The Apex Bank contracted Deloitte Management Consultant to do a forensic of all these obligations and to actually show what was valid and what was not.

In the word of the CBN Governor;

“Of course, we were committed to ensuring that we would pay all valid transactions. “The result that came out of this was startling in a great respect; it was quite startling. We discovered that of the roughly $7 billion, about $2.4 had issues, which we believed had no business being there – and the infractions from that range from so many things.

For example, not having valid import documents and in some cases, even entities that did not exist and in some cases, beneficiaries and account parties that asked for FX and got more than they asked for. And those who didn’t even ask for any and got. So, there were a whole load of infractions there, which I said amounted to about $2.4 billion out of the $7 billion headline figure.” The CBN governor added, “

We are not paying if you don’t qualify; they are not validly constituted requests. And of the validly constituted ones, we have settled about $2.3 billion and that applies to the airlines and a whole load of different entities spread throughout our economy – we’ve settled that already.

“And now what remains is about $2.2 billion to be settled and I am confident that we will shortly be addressing those and be able to move on and make progress. “Now, how are we dealing with those that are not valid? As they were identified, we wrote to the authorised dealers to come in and explain what the situation was and where the numbers differed.

And sadly, quite frankly, I think much of those have not been disputed to our satisfaction.” Reiterating the bank’s commitment to resolving outstanding liabilities, Cardoso said, “Yes, as I said, I think that would be what would be done very shortly.

Now, you can imagine that having $2.2 billion outstanding and $7 billion outstanding are not the same figure. “I think we are at the end of this, to be honest, I will put it that way – we will clear all that very shortly and will move on to the next line of action. I am not concerned that the backlog would continue to be on overhang and I think we’ve come to the end of that road.”

Major takeaways from the CBN Governor, Olayemi Cardoso

• No plans to convert domiciliary accounts to naira
• The current total outstanding FX obligations stands at $2.2 billion
• FX liabilities would be addressed shortly
• The CBN have settled verified FX requests, which amounted to $2.3 billion.
• Cardoso further indicated that part of the headline $7 billion outstanding FX claims were fraudulent, as per forensic audit by Deloitte Management Consultant, which was commissioned by the apex bank.

The post CBN Governor, Yemi Cardoso explains Nigeria’s FX backlog, about $2.4 Billions had issues appeared first on Shoplife Music Merch.

1. Legal and Regulatory Compliance:

• Licenses and Permits: Obtain the necessary licenses and permits from the Central Bank of Nigeria and other relevant regulatory bodies.
• Compliance: Ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. Regarding all the licenses and documents, a lot of things had changed, to get the idea of all the licenses and documents required, you can visit Wealth Result

2. Business Plan:

• Market Research: Understand the demand for foreign exchange in your target market.
• Business Model: Define your services, target audience, and revenue streams.
• Competitive Analysis: Research competitors and identify your unique selling points.

3. Technology and Website:

• User-Friendly Website: Develop a secure and user-friendly website/mobile app for currency exchange transactions.
• Payment Gateway: Integrate a reliable payment gateway for smooth transactions.
• Security: Implement robust security measures to protect customer data and transactions.

4. Partnerships:

• Bank Partnerships: Establish partnerships with banks for currency exchange transactions and fund transfers.
• Liquidity Providers: Collaborate with liquidity providers for competitive exchange rates.

5. Customer Service:

• Support: Offer excellent customer support through various channels (email, chat, phone).
• Transparency: Be transparent about exchange rates, fees, and transaction processes.

6. Marketing and Promotion:

• Digital Marketing: Utilize online marketing strategies such as social media marketing, search engine optimization (SEO), and pay-per-click (PPC) advertising.
• Referral Programs: Implement referral programs to encourage customers to refer others.
• Promotions: Offer promotions and discounts to attract new customers.

7. Risk Management:

• Currency Risk: Implement strategies to manage currency exchange rate fluctuations.
• Fraud Prevention: Have fraud detection systems in place to prevent fraudulent activities.

8. Operations and Logistics:

• Inventory Management: Manage your inventory of foreign currencies efficiently.
• Logistics: Streamline the process of delivering or receiving foreign currencies securely.

9. Feedback and Improvement:

• Customer Feedback: Gather feedback from customers to identify areas for improvement.
• Continuous Improvement: Stay updated with market trends and continuously improve your services and offerings.

10. Legal and Accounting:

• Legal Advice: Consult legal experts to ensure your operations comply with local and international laws.
• Accounting: Maintain accurate financial records and consult with accounting professionals for tax compliance.

11. Customer Education:

• Educational Resources: Provide educational resources on foreign exchange, exchange rates, and market trends to help customers make informed decisions.

12. Adaptability:

• Stay Updated: Keep up-to-date with the changing regulatory environment and adapt your business accordingly.
• Innovation: Embrace new technologies and innovative solutions to enhance your services.

By following these steps and staying diligent in your efforts, you can increase your chances of successfully running a bureau de change business online in Nigeria. Remember, building trust with your customers is crucial in this business, so always prioritize transparency and excellent customer service.

The post How to Run a Successful Bureau De Change Business Online in Nigeria appeared first on Shoplife Music Merch.