Saturday, October 23

Tag: Bureau De Change Operators

Naira Slumps Further, Exchanges For 473/$
Business

Naira Slumps Further, Exchanges For 473/$

The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$. At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020. The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website. The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...
CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)
Business

CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)

CBN Governor, Godwin Emefiele, has accused some local and foreign investors of buying dollars from the parallel market, popularly referred to as 'black market',  As the apex bank struggles to stabilise the currency exchange rate. A dollar was sold for N460 at the parallel market on Wednesday, which is higher than the interbank rate of N361 to a dollar. More so, the dwindling oil prices caused by the Coronavirus pandemic have greatly affected the country's economy and have reduced the dollars in circulation. The situation was also compounded by the suspension of sales of foreign exchange to Bureau de Change operators by the CBN. POLITICS NIGERIA reports that the investor and exporters window is also badly affected by the liquidity crisis in the foreign exchange market. However, ...
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
EFCC Nabs Currency Counterfeiters, Confiscates N45m Fake Notes
Crime

EFCC Nabs Currency Counterfeiters, Confiscates N45m Fake Notes

Operatives of the Abuja Zonal Office of the Economic and Financial Crimes Commission, EFCC have arrested Badamasi Sule and Muhammad Muhammad, suspected money-doublers, for being in possession of counterfeit Naira notes totaling about N45million. They were arrested in December 2019, following actionable intelligence report which exposed a syndicate of fraudsters who specialize in printing fake N1,000 notes. They were also found to be in possession of fake $100 bills. . . Investigations further revealed that two “Ghana-must-go bags” in their possession containing the N1,000 notes were shortly to be put into circulation. Their primary targets are bureau de change operators, and unsuspecting members of the public. The syndicate is believed to be operating from Gashua, Yobe State, ...

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