AT LAST TRAVELEX COMES IN THROUGH FRONT DOOR

At last, attracted by the opportunities opened up by the introduction of inter bank foreign exchange market in Nigeria, post Brexit Travelex  has landed with official nod from the Central Bank of Nigeria.

Travelex was established 40 years as currency dealer with its first store in London and by last count, now provides currency related services on line, and through 1500 stores in 28 countries mostly through 1250 automated teller machines (ATM).

It has its head office in London that now has to find ways to retain its place in world finance after the British voted to exit the European Union.

However, in Nigeria Travelex  landed more as source and distributor of foreign bank notes especially of the kind Nigerians in diaspora send home to relatives and friends annually. It is estimated that the amount so sent home yearly by Nigerians is $21bn.

Now, Travelex hopes to corner the chunk of this and sell $15,000 each to 3000 Bureau De Change operators in Nigeria starting from this month.

Worldwide, Travelex  operates as currency converter, forex insurer, international payment medium, and issuer of cash passport, its prepaid card usually loaded with six different currencies.

The new deal being offered BDCs in Nigeria was announced in a recent press release by the President of Association of Bureau de change of Nigeria, Aminu Gwadabe.

He asked all members of the association and even non-members to go to the central bank branch office nearest to them for biometric data capturing as part of measures to make the system work and give access to on line window of Travelex.

Certainly, selling committed amounts to BDCs in Nigeria could help ease the pressure on the Naira in both the official inter bank market and the parallel market which has since become the one most watched by Nigerians for the fortune of the currency amidst chronic foreign currency scarcity.

Travelex does not exactly go by official exchange rates in any country but its own rates so as to ensure that those that use its prepaid cards, for example do not have to bother about ruling rates once loaded.

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