You have no items in your shopping cart.
ABSTRACT
The phrase "Bureau de Change" has gained recent prominence in discussions about national economies and development. However, there is widespread misunderstanding about what these entities are, their origins, and their functions. Many individuals mistake them for informal currency exchangers known as "abokis." In reality, a Bureau de Change is a licensed company engaged in foreign exchange transactions. They buy currencies at a lower rate and sell them at a profit, often aligning their exchange rates with spot prices in significant bank transactions. The term "Bureau de Change" is of French origin, meaning "office of exchange," and it's defined by the Central Bank of Nigeria (CBN) as a retail foreign exchange business. These establishments usually display exchange rates for various currencies in their storefronts and have separate rates for buying and selling currencies.
