Tuesday, October 19

Tag: Bureau de Change

Bobrisky and Mompha were dating” Bobrisky’s former PA, Oye, alleges as she spills secrets from her time working with the crossdresser
News

Bobrisky and Mompha were dating” Bobrisky’s former PA, Oye, alleges as she spills secrets from her time working with the crossdresser

Bobrisky's former PA, Oye Kyme, has gone on Instagram to make some allegations about Bobrisky. Oye, who is from Ivory Coast, was invited to Nigeria to become Bobrisky's personal assistant after she tattooed the crossdresser on her body. Their work relationship ended on a sour note and Oye Kyme took to Instagram to answer questions about her former boss. During the Q & A, Oye made a number of allegations but what struck Instagram users the most is her claim that Bureau De Change (BDC) operator Mompha dated Bobrisky. Oye didn't provide proof to back any of her claims. See other allegations she made below.
The Identities Of BDC Operators Arrested For “Transferring Funds To Boko Haram” –
News

The Identities Of BDC Operators Arrested For “Transferring Funds To Boko Haram” –

Last month, Malam Garba Shehu, Senior Special Assistant To The President On Media and Publicity, said the Federal Government had arrested some Bureau De Change operators who were facilitating transfer of money to Boko Haram terrorists. He had said some Nigerians transferring money to the sect from the United Arab Emirates (UAE) were working with the BDC operators. “Bureaus de change are facilitating money to terrorists. We have already worked with the UAE. Convictions have been achieved of Nigerians who are transferring money to Boko Haram terrorists and this also happens domestically. And I tell you that by the time we finish this investigation, the shocking details will surprise many Nigerians,” Shehu had said. Daily Trust had earlier reported that dozens of persons have bee...
Mompha Speaks After Bail, Says ‘Prayer Is The Only Key’
News

Mompha Speaks After Bail, Says ‘Prayer Is The Only Key’

Ismalia Mustapha, the bureau de change boss and Instagram personality, known as Mompha, who was recently arrested by the Economic and Financial Crimes Commission (EFCC) has shed some light on the details of his arrest after he was released on bail. The bureau de change boss shared a lengthy post on his Instagram page to address the issue. He stated that in everything done, prayer is the key. According to him, he was arrested in Dubai on Friday, October 18, and brought to Lagos on Saturday, October 19. He claimed that the FBI and Interpol were not involved like the commission told the people. He said his arrest was spearheaded by the EFCC alone because they had his travel details. He noted that when he arrived in Lagos they brought his bank statement from 2015 to 2017 and asked abou...
INEC Officials Offered $1,000 To Influence Kogi Election – CDD
Politics

INEC Officials Offered $1,000 To Influence Kogi Election – CDD

The Centre for Democracy and Development (CDD) says a political party is bribing officials of the Independent National Electoral Commission (INEC) in Kogi state with up to $1,000 to buy them over and get them to do their bidding on election day. In a statement issued on Friday, CDD said trained observers deployed in different parts of the state confirmed the information. It said some bureau de change (BDC) operators within the state have “witnessed an upsurge in the number of customers calling to change USD1000 to Naira.” “There are indications that a lot of money has been set aside for vote buying on Saturday. Already, our observers have noted the distribution of gift items such as ankara textile materials and rice in Lokoja and Koton Karfe local government areas,” CDD said. ...
$5M Fraud: Why Mompha Was Arrested By INTERPOL, EFCC – Tosin Olugbenga
Crime

$5M Fraud: Why Mompha Was Arrested By INTERPOL, EFCC – Tosin Olugbenga

The reason behind the arrest of the Nigeria Bureau De change king, Mompha has been revealed. Mompha was arrested some days ago, but no one knows the reason for his arrest by Interpol. Some tweeter users have allegedly reported that the Bureau De change King was arrested over a $5million internet scam. An Instagram user, @TosinOlugbenga, reported that “Mompha escaped from Interpol arrest in Dubai and he flew to Nigeria secretly. He was tracked through his airline ticket and on Interpol request, he was arrested by EFCC on a $5m internet scam”.
Mompha Arrested By INTERPOL In Abuja – Kemi Olunloyo Says
Celebs

Mompha Arrested By INTERPOL In Abuja – Kemi Olunloyo Says

Popular Nigerian Bureau De Change King Mompha, Skyman reportedly ARRESTED in Abuja by the International Police, Kemi Olunloyo revealed this online some moments ago says she's still investigating on the cause of the arrested. She wrote: #BREAKING Nigerian Bureau De Change King @mompha #Skyman reportedly ARRESTED in Abuja by the International Police @interpol_hq I have left several messages. Pls have patience. I'm an investigative Journalist. Arrest was 3 days ago the same time he posted last a picture of his Lil girl. Interpol should release a statement soon on WHY he was arrested and exact whereabouts and whose custody he's in. The @officialefcc said they will get back to me too. Only good Journalists know about these secret arrests.They must be transparent though
Naira Gains Against The Dollar… See Latest Exchange Rate
Uncategorized

Naira Gains Against The Dollar… See Latest Exchange Rate

The Naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday. The Pound Sterling and the Euro closed at N458 and N403 respectively. The naira traded at N360 to the dollar at the Bureau De Change (BDC) segment, while the Pound Sterling and the Euro exchanged at N458 and N403, respectively. Trading at the investors window saw the naira closing at N361.48 to the dollar as market turnover stood at 231.92 million dollars. The News Agency of Nigeria (NAN) reports that the naira had been relatively stable at the parallel market due largely to the interventions of the CBN. Activities at the market, however, remained slow on Monday as traders await the outcome of the Monetary Policy Committee (MPC) m...
Nigerian businessman Mompha and wife celebrate 8th wedding anniversary
Lifestyle

Nigerian businessman Mompha and wife celebrate 8th wedding anniversary

Flamboyant Nigerian businessman, Ismaila Mustapha aka Mompha and his wife are celebrating their 8th wedding anniversary today, June 26, 2019. The Dubai-based businessman who is into Bureau De Change shared this throwback photo of him and his wife posing together and then wrote: 'Happy 8th year anniversary to me and my wife.'
One Dollar Is Not N184 As Google Suggests
News

One Dollar Is Not N184 As Google Suggests

Google Currency is currently showing that one dollar is going for N184, but this is just a glitch in its software, TheCable can report. The Central Bank of Nigeria sold the greenback to bureau de change (BDC) operators at N357 per dollar on Friday. Musa Ibrahim, a BDC operator, who spoke to TheCable from Lagos Island, said he bought $20,000 from the CBN at 357 per dollar. “We collected from CBN today at the rate of N357, and each BDC operator is entitled to $20, 000,” he said. Two members of staff at Google, who spoke off the record, confirmed to TheCable that this was just a bug, that is currently being fixed by the search giant. According to Bloomberg currency rate, the dollar is currently trading at N361.8, with the local currency gaining N1.75 against the greenback. ...
Reverend Mbaka Blasts Atiku, Calls Him Bureau De Change
Politics

Reverend Mbaka Blasts Atiku, Calls Him Bureau De Change

The Spiritual Director, Adoration Ministry Enugu Nigeria, Rev. Fr. Ejike Mbaka has described former Vice President Atiku Abubakar as bureau de change because of the mindboggling foreign currencies that reportedly exchanged hands at the recently held National Convention of the People’s Democratic Party (PDP), before he emerged the party’s presidential candidate. Regardless, he warned him not to emulate President Muhammadu Buhari if he is elected the president in 2019. He warned that the ruling APC may lose the next election if President Buhari doesn’t change certain things urgently. “So let the will of God be done in Nigeria. It is like what I have been saying Buhari change or you will be changed” Mbaka, who had in his new year eve message of 2015, predicted Buhari’s electoral ...
Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates
News

Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates

Details of the parallel market in Lagos after the close of market on Wednesday revealed how the nation's currency appreciated marginally against the dollar. The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar. According to the News Agency of Nigeria (NAN), the nation's currency was 10 kobos stronger than N358.60 to the dollar traded on Tuesday, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. At the Bureau De Change (BDC) window, the Naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. Trading at the investors’ window saw the Naira close at N361.87 with a daily turnover of 168.74 million dollars, while th...
Naira Depreciates Against Major Currencies… See Latest Exchange Rate
News

Naira Depreciates Against Major Currencies… See Latest Exchange Rate

The Nigerian naira has continued to record a slope against major currencies at the exchange rate market on Thursday. The naira on Friday sustained its depreciation against the dollar at the investor’s window, the News Agency of Nigeria reports. The Nigerian currency shed 11 kobo to exchange at N360.42, weaker than N360.31 traded on Thursday. At the parallel market, the Naira exchanged at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445. Trading at the Bureau De Change, BDC segment saw the Naira closed at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445. The Naira exchanged at N305.6 to the dollar at the CBN window, while the Pound Sterling and the Euro posted N435.14 and N378.30 on Thursday. Traders said in spi...
Former Nigerian Lawmaker, Eseme Eyiboh Duped $1.5m By Fake Benin Prince In Lagos
News

Former Nigerian Lawmaker, Eseme Eyiboh Duped $1.5m By Fake Benin Prince In Lagos

Police officers in Lagos have revealed through investigation how a fake Benin Prince duped a Nigerian politician the sum of $1.5 million. Police detectives attached to the Special Fraud Unit (SFU), Milverton, Lagos State, have arrested some men, who posed as international businessmen, members of House of Representatives and members of Benin Kingdom’s royal family to defraud a former lawmaker of $1.5 million. The report revealed that police operatives began investigation of the suspects on July 28, 2017 with a crack team of detectives going to Murtala International Airport, Lagos State, to arrest the syndicate’s leader identified as Franklin Osiemwonyi Izekor, 45, aka Prince Joshua Akenzua. It was learnt that rather than follow the policemen, Izekor resisted arrest, fought the policemen...
“Rolls Royce In The Morning, Range Rover Autobiography In The Afternoon”-Nigerian Big Boy, Mompha
Uncategorized

“Rolls Royce In The Morning, Range Rover Autobiography In The Afternoon”-Nigerian Big Boy, Mompha

Popular Nigerian big boy and CEO of Mompha Bureau De Change, Ismaila Mustapha aka Mompha showed off his luxurious cars on Instagram story. The father of two and Hushpuppi’s friend turned enemy recently added N150million Rolls Royce Wraith 2018 to his growing fleet of cars. A few days ago, Mompha and his wife welcomed their second child, a baby girl yesterday night. He took to Instagram to share photos and video of his adorable daughter, all dressed up in head-to-toe designer label, with fans and followers hailing the little one as ‘Gucci baby’ Before you were born,we dreamed of you,we imagined you we prayed for you… Now that you are here we hope for you we love you, We Thank God for you! Welcome baby Girl to the money family.. Thanks to God for the New blessing
Central Bank To Punish Banks For Forex Infractions
News

Central Bank To Punish Banks For Forex Infractions

The Central Bank of Nigeria on Monday threatened to sanction any Deposit Money Bank found in breach of its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates of all trading currencies. This is even as the apex bank sustained its intervention in the various sectors of the inter-bank foreign exchange market with the injection of $545m. A circular issued by the CBN warned that it would mete out stiff regulatory sanctions to banks that failed to comply fully with the directive by October 13, 2017. The circular, signed by the Director, Banking Supervision, CBN, Ahmad Abdullahi, stressed that the apex bank would bar errant DMBs from all fut...
Central Bank Injects $364m Into Inter-Bank Forex Market
News

Central Bank Injects $364m Into Inter-Bank Forex Market

The Central Bank of Nigeria (CBN) on Tuesday, August 15, 2017, intervened in the Inter-Bank Foreign Exchange Market to the tune of $364million in a bid to sustain liquidity in the market. A breakdown of Tuesday’s forex intervention indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95. The CBN also offered the sum of $100,000,000 to authorised dealers in the wholesale window. Confirming the figures yesterday, sources at the Bank said the CBN also received requests from authorized forex dealers on behalf of their customers, for which results will be released. According to the sources, the Bank remained committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market. It w...
Naira Falls Against Dollar At Parallel Market
News

Naira Falls Against Dollar At Parallel Market

The naira on Monday depreciated further against the dollar at the parallel market, exchanging at N367 to the dollar. The Nigerian currency lost one point from N366 posted on Friday, while the Pound Sterling and the Euro closed at N476 and N432. At the Bureau De Change segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively. The naira, however, appreciated at the investors’ window as it closed at 362.50, stronger than N365.68, its opening rate. Traders said that the demand for foreign exchange outstripped its supply. The Central Bank of Nigeria is intervening at the foreign exchange market to stabilise the naira. The naira had rallied around N363 to the dollar for about two weeks until market forces dra...
Naira Sustains Gain At Parallel Market
News

Naira Sustains Gain At Parallel Market

The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday. The pound sterling and the Euro closed at N477 and N428 to the naira, respectively. At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively. Trading at the investors window saw the naira closing at N367.50 to the dollar. Traders expressed optimism that the interventions by the CBN at the market were capable of closing the gap further between the rates at the parallel market and other segments. NAN reports that not all the BDCs in the South West bought foreign exchange from the weekly auction on Tuesday. A credible BDC source told ...
Naira Gains Against Dollar
News

Naira Gains Against Dollar

The Naira on Wednesday appreciated marginally against the dollar at the parallel market. The Nigerian currency gained 50k to exchange at N362.50, stronger than N363 posted on Tuesday, while the Pound Sterling and the Euro traded at N473 and N422 respectively. At the Bureau De Change window, the Naira was sold at N363, while the Pound Sterling and the Euro traded at N472 and N423 respectively. The Naira, however, depreciated at the investors’ window, selling at N368.50 from 367.28 to the dollar. Traders at the market said that uncertainty on the exchange rate permeated trading as buyers exercised great caution. Since the implementation of the flexible exchange rate policy, the forces of demand and supply had been the sole determinant of the exchange rate. Though the Centra...
Nigerian Arrested For $5,400 Canada Credit Card Fraud
News

Nigerian Arrested For $5,400 Canada Credit Card Fraud

The Economic and Financial Crimes Commission, EFCC, operatives have arrested Yusuf Balogun Alabi, a suspected credit card fraudster, who allegedly masterminded the theft of $5,400 Canadian Dollars from a catering entertainment outfit in Brantford, Canada. The fraud came to light after a young Nigerian undergraduate of Thompson Rivers University in British Columbia, Tony Ifeoluwa Adebero was arrested in Toronto, Canada on charges of wire fraud. The youngster who was expecting to receive his tuition from his dad, Adebero Oyewole, did not suspect fraud when his account was credited by his bank. He however became worried when few days after, he got a call from his bank, TD Canada Trust Bank, asking for details of the person who made transfer to his account, within 12 hours. He immedia...
EFCC Detains BDC Operator Accused Of Duping Chinese of $2.4m
News

EFCC Detains BDC Operator Accused Of Duping Chinese of $2.4m

The Economic and Financial Crimes Commission (EFCC) says it has arrested and detained a Bureau de Change operator alleged to have duped a Chinese national of $2.4 million. In a statement on Thursday, Spokesman of the commission, Mr Wilson Uwujaren, identified the suspect as Rabiu Yusuf. Yusuf allegedly collected N2.8 billion from the complainant, Xing Hui Yao, for the purchase of $13.6 million, its equivalence. According to Uwujaren, Yao further alleged that the suspect paid her only $11.2 million and fraudulently diverted the $2.4 million. “The suspect has already volunteered statement, while investigation continues,” the EFCC spokesman said.
Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert
News

Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said on Thursday that the nation’s currency would remain stable in the months to come as the CBN sustains its interventions. Gwadabe told the News Agency of Nigeria (NAN) in Lagos that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators. The ABCON chief said that recent trading of the Naira against the dollar has shown that the true value of the Naira hovers between N360 and N365 at the parallel market. The financial expert said that since the apex bank began aggressive intervention at the nation’s foreign exchange market, exchange rate spikes have disappeared into oblivion. According to him, since the apex bank righ...
CBN Pledges To Sustain Dollar Injection In FX Market
News

CBN Pledges To Sustain Dollar Injection In FX Market

Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week. The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday. Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day. To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates so...
Filmmaker Seun Egbegbe Abandoned By Friends As He Hits 100 Days In Ikoyi Prisons
News

Filmmaker Seun Egbegbe Abandoned By Friends As He Hits 100 Days In Ikoyi Prisons

Embattled movie marketer and alleged fraudster, Seun Egbegbe has spent 100 days in prison according to reports. The lanky showbiz promoter continues to wane in the general cell of Ikoyi prisons where he has taken residence. Family and friends of Egbegbe have not been able to secure his bail. According to a source close to Egbegbe, friends and benefactors have abandoned him, leaving him to bear his cross alone “Now, the frequency of people visiting him in the prison has reduced drastically. All his friends and followers have deserted him. They are afraid of being implicated. It is only his heavily pregnant girlfriend, Nikky Berry and his parents that visit him now. They still prepare his food from home. Most of his girlfriends and those he supports financially have deserted him....
Naira Strengthens, Gains N2 Against Dollar
News

Naira Strengthens, Gains N2 Against Dollar

The Naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday. At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively. At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively. The naira was exchanged at N305.6 to the dollar at the interbank. Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate. Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks. Gw...
CBN Injects $388.66m Into Foreign Exchange Market As FCMB Increases Sales
News

CBN Injects $388.66m Into Foreign Exchange Market As FCMB Increases Sales

The Central Bank of Nigeria (CBN) has released an additional sum of $388.66million to ease pressure on the naira, stimulate business activities and make foreign exchange (Forex) accessible to local operators. Confirming the numbers, the Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, disclosed that the sum of $87.885million was for spot sales, while $300.8 million was sold as forwards. Mr. Okorafor further explained that the forwards were sold into three tenors of 30, 45 and 60 days respectively. According to him, the Bank sold $100.95 as 30-day forwards; $110.48 million as 45-day forwards and $99.37 as 60-day forwards. Meanwhile, First City Monument Bank (FCMB) has increased its sale of Forex to all customers and members of the public who play in...
Naira Appreciates Against Dollar
News

Naira Appreciates Against Dollar

The Naira on Monday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained three points to exchange at N388 to the dollar, stronger than N391 it traded on Friday, while the pound sterling and the Euro closed at N495 and N425. At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro closed at N495 and N423. Trading at the interbank market showed that the Naira closed at N305.7, while the pound sterling and the Euro closed at N453.18 and N386.28. Currency traders said the liquidity boost at the FOREX market had forced the naira to appreciate.
Naira Plunges To N390 Per Dollar On Parallel Market
News

Naira Plunges To N390 Per Dollar On Parallel Market

The Nigerian Naira plunged against the United States dollar on Monday to its lowest in a week. The local currency which closed at N380 to a U.S. dollar on the parallel market on Friday, slid to N390 on Monday. However, the Naira which has been hovering between N380 and N410 to a dollar in the past two weeks has failed to substantially close the gap between the official and black market rates. Prompting the Central Bank of Nigeria to sell about $3 billion since the intervention began in February. Accordingly, the CBN on Monday offered a fresh $246.2 million to authorised dealers at the Forex auction in the interbank wholesale window –‘the Small and Medium Enterprises and invisibles’ segments. The breakdown shows the sum of $150 million was auctioned at the wholesale window wh...
Naira Extends Gains As Dollar Glut Hits Market
News

Naira Extends Gains As Dollar Glut Hits Market

The naira sustained its momentum on the parallel market yesterday, appreciating significantly by N20 in one day to close at N380 to the dollar, stronger than N400 to the greenback at the close of trading the day before. Similarly, the local currency firmed up on the Bureau de Change (BDC) segment of the market yesterday, trading at between N376 and N378 to the dollar in Lagos, Abuja and Kano. The gains were largely influenced by increased dollar liquidity in the economy, as the Central Bank of Nigeria (CBN) sustains its intervention in the foreign exchange (FX) market. The CBN pumped a total of $380 million into the market between Tuesday and Wednesday this week. It also simplified the documentation process for small and medium sized businesses to enable them import eligible it...
External Reserves Hit 2017 High At $30.56bn
News

External Reserves Hit 2017 High At $30.56bn

External reserves climbed to $30.56 billion as of April 18, the highest level in 2017, as the Central Bank of Nigeria (CBN) tries to rebuild currency buffers hammered by dwindling global oil prices. The rise coincides with a recent rise in the price of crude, which account for the bulk of foreign currency earnings. The nation’s reserves up by 18.3 per cent or $4.7 billion for this year but are still far off their peak of $64 billion as at August 2008. This is coming on the heels of increased gap between the interbank market and parallel market end of the foreign exchange market. The CBN has not provided any reason for the recent rise, which may be attributed to the recent rise in global oil prices and inflow from International Money Transfer Operations (IMTO) The Organizatio...
Lagos Prophet Arrested Over $500 Fraud
News

Lagos Prophet Arrested Over $500 Fraud

A man who identified himself as Moses Edwin, a prophet in one of the orthodox churches in Lagos was on Friday arrested by men of Rapid Response Squad of the Lagos State Police Command for stealing $500 belonging to a customer while trying to convert $5,000 into Naira. Edwin, 50, a bureau de change operator and his gang member, Daniel Ebhohimen, were arrested beside Airport Hotel, Ikeja three days after stealing $500 from $5,000 bills presented to them by one Bayo Lookman for conversion into naira. The two suspect had in exchanging $5,000 for Bayo Lookman, a member the National Youth Service Corp serving in Lagos, surreptitiously removed $500 from the notes presented to them for confirmation opposite Airport Hotel, Ikeja. Edwin had promised an exchange rate of N387 to a dollar ...
Abandoned N449m: Suspect In EFCC Custody, Threatens To Reveal Owner
News

Abandoned N449m: Suspect In EFCC Custody, Threatens To Reveal Owner

Bid by the Economic and Financial Crimes Commission (EFCC) to unmask the owners of the abandoned N449, 000,860 which was abandoned in a shop in Lagos, may have started yielding dividends as a suspect, believed to be Bureau De Change (BDC) operator and who is in the know of the abandoned money has threatened to ‘reveal the real identity’ of the owners of the money. The suspect, who is alleged to be a BDC operator, also debunked media reports that the recovered money had been stashed in the shop for over two years, insisting that the money was actually moved in on Thursday (April 6). The suspect also told EFCC operatives upon surrendering himself on April 10 that it would be suicidal for the “owner of the money to abandon the money”. The EFCC had on April 7 swooped on an abandoned shop...
Lagos Maid Steals Bosses’ $10,000, Converts To Naira At N86 Per Dollar
News

Lagos Maid Steals Bosses’ $10,000, Converts To Naira At N86 Per Dollar

The police in Lagos have arrested a maid, Blessing Paul for allegedly stealing her boss’ $10,000 in Gbagada. Paul was alleged to have forcibly opened the boss’ room with a knife and collected the money while the woman was at work. It was gathered that the maid, who had been stealing money and other valuables from her victim’s home, handed over the foreign currencies to the house guard identified as Daniel. The guard, it was gathered, handed the money to a security man at another residence in Gbagada, who in turn took it to a Bureau De Change (BDC) operator for the Naira equivalent. But the operator was said to have told policemen he received only about $5,000 from Amos. Instead of giving them N360/USD, the BDC operator gave the suspects at N86 per dollar, thereby shortchangi...
DSS Chief Trying To Cover Saraki Loot
News

DSS Chief Trying To Cover Saraki Loot

Revealed: Why DSS Tries Hard To Exonerate Saraki Over N310M Robbed By His Security Aides In a development that points to the ways in which high-level personal relationships are undermining Nigeria’s anti-corruption agenda, the Department of State Services (DSS) has again rushed to the media, using unnamed officers, to deny that Senate President Bukola Saraki was the owner of N310 million stolen by the senator’s security aides from an operator of a bureau de change who was moving the cash. Mr. Saraki has close personal friendships with Director General of the DSS, Lawal Musa Daura, as well as other politically influential people, including a former military head of state. BY SAHARAREPORTERS, NEW YORKAPR 03, 2017 A source at the DSS said he and other agents were surprised that Mr. Dau...
Naira Gains On Fresh Dollar Supply, Now 390/dollar
News

Naira Gains On Fresh Dollar Supply, Now 390/dollar

The naira recorded a gain against the United States dollar on the parallel market on Tuesday, a day after the Central Bank of Nigeria injected $240m into the foreign exchange market. The local unit rose from 395/dollar on Monday to 390/dollar on Tuesday as the new forex supply weighed on the market. The CBN had on Monday released the sum of $90m to meet requests for invisible such as business travel and personal travel allowances, medical and school fees. The apex bank also offered a total of $150m to authorised foreign exchange dealers in the interbank wholesale auction window same day. The development brought to $240m the total amount of forex released by the regulator on Monday. The regulator also adjusted the sale day of forex to Bureau De Change operators to Tuesdays on...
CBN Directs Banks To Pay Cash To Forex Users
News

CBN Directs Banks To Pay Cash To Forex Users

The Central Bank of Nigeria on Monday directed all banks to pay cash over-the-counter to desiring foreign exchange customers. The directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange. He said that the apex bank had also released the sum of $240m to meet genuine demands from users of foreign exchange. Out of this amount, he stated that the CBN released the sum of $90m to meet requests for invisibles such as business and personal travel allowances, as well as medical and school fees. He added that the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window. Okorafor also disclosed that the apex bank had adjusted...
Again, Police Re-arraign Seun Egbegbe, Four Others For Serial Frauds
News

Again, Police Re-arraign Seun Egbegbe, Four Others For Serial Frauds

The police, for the third time, have re-arraigned a Nigerian film maker, Olajide Kazeem, better known as Seun Egbede, and his alleged accomplice, Oyekan Ayomide, for alleged serial frauds involving N39, 098,100, $90,000 and £12,550. The duo had earlier been arraigned on two different occasions before Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos on 40 counts. Their re-arraignment for the third time on Monday followed the amendment of the charges by the police. In the freshly amended charges, the police introduced the names of three other persons as defendants in the case. The defendants whose names were added to the charges are Lawal Kareem, Olalekan Yusuf and Muyideen Shoyombo. The defendants were accused of swindling no fewer than 30 Bureau De Change operato...
‘this Is Why The Naira Fell Despite CBN Intervention’ – ABCON
News

‘this Is Why The Naira Fell Despite CBN Intervention’ – ABCON

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has blamed the recent depreciation of naira on the speculators’ onslaught and resistance by the banking industry. Gwadabe said on Saturday in Lagos that the refusal of some banks to sell the invisible such as personal and business travel allowances frustrated naira recovery. The ABCON chief said that the CBN had recently accused the banks of frustrating its policies. He said it was ironical that the naira started losing strength in spite of the CBN’s review of the rates from N375 to N360 to a dollar. According to him, the naira started trading on Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to fall at the middle of the week. ...
Why Naira Fell Despite CBN’s Intervention – ABCON
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Why Naira Fell Despite CBN’s Intervention – ABCON

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has blamed the recent depreciation of naira on the speculators’ onslaught and resistance by the banking industry. Gwadabe said on Saturday in Lagos that the refusal of some banks to sell the invisibles such as personal and business travel allowances frustrated naira recovery. The ABCON chief said that the CBN had recently accused the banks of frustrating its policies. He said it was ironical that the naira started losing strength in spite of the CBN’s review of the rates from N375 to N360 to a dollar. According to him, the naira started trading on Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to fall at the middle of the week....
Why Seun Egbegbe Is Still In Custody After Court Granted Him Bail
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Why Seun Egbegbe Is Still In Custody After Court Granted Him Bail

Popular movie man, Seun Kareem popularly known as Egbegbe is still prison custody. This is weeks after the court granted him bail in his ongoing theft and fraud case. The court had granted him a five million naira bail with two sureties at two and half million naira each. The conditions attached is that one of the sureties must be a level 16 civil servant while the other must be a land owner in Lagos, that while friends are willing to pool resources to meet the N5million stipulation and some also willing to go extra length of putting property at risk as land owner, it appears no level 16 civil servant is willing to stake career for someone accused of serial theft in a well celebrated cases. “The problem is getting the level 16 civil servant to stand surety….it is proofing a her...
CBN Approves $10k Per Week FX Sale To Bdc’s
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CBN Approves $10k Per Week FX Sale To Bdc’s

Nairametrics| The Central Bank of Nigeria (CBN) has slightly modified its forex operations with Bureau de Change (BDCs) operators in the country. According to Reuters, the CBN claims that the modifications are geared towards ensuring forex availability in the market. The first of these modifications involve the sale of dollars to the BDCs twice a week instead of the weekly affair that was hitherto in place. Secondly, the CBN will also increase the amount of dollars it offers to each BDC, from the current $8,000 up to $10,000. Thirdly, a new rate will be set for the sale of USD to the BDCs, as well as a cap on how much the BDCs sell to the public. The new rates, the apex bank said, will be released next week. This announcement by the CBN comes about a week after the President of the A...
Surplus Dollars Hit Nigeria Market
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Surplus Dollars Hit Nigeria Market

The surplus supply of dollars has again jolted speculators and caused a further increase in value of the Naira. The foreign exchange market closed on Friday without selling off all the foreign currency released by the Central Bank of Nigeria (CBN). Fresh 100 million dollars was released at the interbank market to meet customers’ demands, but the dealers were only able to pick about 81.35 million dollars, leaving surplus. Mr Isaac Okorafor, the Acting Director, Corporate Communications, CBN, attributed the inability of authorised dealers to pick up the entire offer of the CBN to increasing dollar supply. In a statement, he said another reason was the current sense of apprehension among dealers who anticipate a further crash in the rate of the dollar. He reiterated the determi...
FOREX : Dealers Unable To Pick $100m Offered By CBN
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FOREX : Dealers Unable To Pick $100m Offered By CBN

The Central Bank of Nigeria (CBN) on Friday offered fresh 100 million dollars at the interbank market to meet customers’ demands. However, the News Agency of Nigeria reports that the dealers were only able to pick about 81.35 million dollars. The Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, in a statement, attributed the inability of authorized dealers to pick up the entire offer of the CBN to increasing dollar supply. He said another reason was the current sense of apprehension among dealers who anticipate a further crash in the rate of the dollar. He reiterated the determination of the Bank to sustain its current interventions in the market. “Those who doubt the capacity of the Bank to sustain the intervention in the FOREX market are beginning to have a change ...
RCCG Woman Rescued From Jumping Into Lagos Lagoon Reveals Her Problems
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RCCG Woman Rescued From Jumping Into Lagos Lagoon Reveals Her Problems

"As you are seeing me like this, well dressed, you would think am living fine. But in my heart is a heavy burden. A burden of huge debt, disappointment from trusting people and abandoned by a son I love and bought a car for. I am a moving corpse". Shortly after the report of Mrs. Abigael Ogunyinka who was rescued by fishermen in Lagos Lagoon early Friday morning, another woman was today prevented at about 11:25 a.m from leaping into the Lagoon by the operatives of the Rapid Response Squad of the Lagos state Police Command. The lady, Taiwo Momoh, 58, a textile dealer in Lagos Island, had put off her shoes and was wrapping her dress around her when men of RRS 226 prevented her from jumping. The lady, who lives in Lekki Lagos, disclosed that she was pushed to committing suicide in or...
Dollar Drops Below N400/$ For First Time In Seven Months
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Dollar Drops Below N400/$ For First Time In Seven Months

For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria’s (CBN) key foreign exchange policy objectives of an exchange rate convergence. The naira trades for N375 to the greenback for invisibles and at N307 to the dollar on the FX interbank market, the official window for manufacturers and importers of raw materials eligible to buy FX from this segment of the market. The last time the naira traded at between N395 and N400 to the dollar on the parallel market was in August 2016. The sign...
Naira To Sell At N415/$ As CBN Sustains Intervention
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Naira To Sell At N415/$ As CBN Sustains Intervention

The naira will trade at N415 to a dollar as the series of intervention by the Central Bank of Nigeria are sustained. The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, on Tuesday in Lagos said that the new Forex policy had eliminated frivolous demand for the dollar. According to him, frivolous demand for dollar has been responsible for the weakness of the naira. The ABCON chief said that CBN’s continued intervention at the Forex market would soon spell doom for speculators and currency hoarders. “Currency speculators and hoarders would suffer more losses as the CBN injects more dollars to the interbank market. “The sustained intervention by the CBN will technically take speculators out of business. “My expectation is that if both vo...
Lagos Fraudster Exchanges Fake $7,000 For N3.4m
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Lagos Fraudster Exchanges Fake $7,000 For N3.4m

A suspected fraudster, John Eze, has been arrested by the Zone 2 Police Command, Onikan, Lagos State, for allegedly defrauding a Bureau De Change operator, Ismaila Ali, in the Ikoyi area of the state. PUNCH Metro learnt that 34-year- old Eze had approached Ali sometime in January 2017, to exchange the sum of $7, 000 for the naira equivalent . Ali was said to have paid Eze N 3, 451, 000, buying the dollars at the rate of N 493 per dollar. The duo reportedly parted ways after the transaction , which held inside the suspect ’ s LEXUS 470 Jeep with number plate, Lagos AKD 612 DA. The bubble burst when Ali got to his office on Treadsmaqueen Street, Ikoyi , where another customer was waiting to exchange naira for dollars. As he brought out the money, he allegedly discovered that Eze...
CBN Pumps $195Million To Boost Forex Market, As Naira Firms Up
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CBN Pumps $195Million To Boost Forex Market, As Naira Firms Up

​THE Central Bank of Nigeria on Tuesday sustained the supply of foreign exchange to the market by releasing $195 million. The CBN Acting Director, Corporate Communications, Isaac Okorafor, gave a breakdown of the release. Okorafor said of the amount $150 million was released through wholesale auction. He said that the remaining $45 million was for medicals, tuition, Personal and Business Travel Allowance. Okorafor said the Bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests. He said that banks were becoming saturated with foreign exchange, as most of them were now able to meet demands for foreign exchange within the stipulated time frame. Okoroafor said: “As you can see all the pent-up demand fo...
Airlines At Kaduna Airport Insist On Cash Payment
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Airlines At Kaduna Airport Insist On Cash Payment

Passengers stranded, lack access to ATM, PoS, BDC Air passengers plying the Kaduna International Airport (KIA) are facing fresh hurdles as airlines operating at the aerodrome are insisting on only cash transaction. The newly refurbished airport, which also serves as an alternative to the closed Nnamdi Azikiwe International Airport (NAIA), Abuja, is currentlyoperat without Automated Teller Machines (ATM), Point of Sale (PoS) and Bureau de Change (BDC) outlets to serve international passengers especially. Some passengers without cash to buy tickets or prior booking arrangements are left stranded at the airport. The development is coming at a time the Federal Government is working to ensure a seamless transition, as the airport is the only route to connect the Federal Capital Territo...
Dollar Crashes Again At Parallel Market
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Dollar Crashes Again At Parallel Market

The News Agency of Nigeria (NAN) reports that the Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday. However, the Naira weakened against the Pound Sterling but maintained its Euro rate as it traded at N560 and N480, respectively. At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N580 and N525, respectively. The Nigerian currency also traded at N305.50 at the interbank window. In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N370 to a dollar. Traders expressed the hope that the strengthening of the Naira would reposition the economy for greater ...

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