Naira slumps to N885 per US$ despite EFCC’s raids on BDC hubs

Nigeria’s local currency, the Naira, has dropped to a new low of N885 per dollar at the parallel section of the foreign exchange (FX) market, otherwise known as the black market. The figure represents a depreciation of N70, or 8.6%, from the N815 it traded last week. Speaking yesterday, some Bureau-De-Change (BDC) operators said the US dollar demand has been swelling and putting pressure on the naira. They put the buying price of the dollar at N860 and the selling price at N885, leaving a N25 profit margin. A currency…

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Forex: Bureau De Change operators urge CBN to lift ban

The Association of Bureaux De Change Operators of Nigeria, (ABCON), has urged the Central Bank of Nigeria, (CBN), to reconsider the ban to allow BDC operators receive Diaspora remittances in 2022. This was disclosed in a statement released at the weekend, signed by ABCON President, Alhaji (Dr.) Aminu Gwadabe. According to him, the BDC industry’s yearly transaction volume of over N1 trillion is in jeopardy, while enormous capital investment in the sector is becoming obsolete, eroding, and winding down. Gwadabe suggested that, just as the CBN de-risked the agricultural sector,…

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Amidst CBN crackdown, FX website, AbokiFX, says it will temporarily suspend rates update

An on-line foreign exchange rate website, AbokiFX, has said it will temporarily suspend rates on all its platforms pending the resolution of issues with the Central Bank of Nigeria, (CBN). The CBN is currently investigating the website, with its governor, Godwin Emefiele, accusing it of economic sabotage, while tending to blame it for the rapid fall in the value of the naira against the dollar and other leading currencies. Emiefiele had, while responding to questions after the MPC meeting on Friday, referred to the owner of AbokiFX, Olumide Oniwinde, as an illegal…

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Banks warn customers against violation of CBN forex directives

The Central Bank of Nigeria, (CBN), has announced that it will inject extra dollars into approved banks in order to increase the economy’s foreign exchange (forex) supply. According to senior CBN officials, the apex bank can handle all valid transactions channelled through banks. The black (parallel) market accounted for less than 1% of forex transactions, according to the officials, and should never be utilised to decide Nigeria’s dollar exchange rate. The apex bank met with Ministries, Departments and Agencies, (MDAs), including airline operators, to discuss stopping the collection of foreign…

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‘Stop investing in forex trading, bitcoin’, EFCC Warns Nigerians

The Economic and Financial Crimes Commission, (EFCC), has warned Nigerians against investing in fraudulent investment schemes that promised high returns with little risk. In a statement issued on Monday by its Head, Media and Publicity, Wilson Uwujaren, the Commission asked Nigerians to stop investing in Ponzi schemes, forex trading, and most recently, bitcoin trading. The EFCC expressed worry that despite the enforcement and public enlightenment interventions from it and other stakeholders, such investment scams had continued to thrive. It urged Nigerians to desist from taking an uncalculated risk in desperation…

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