Monday, August 2

Tag: Currency

Spray Naira Notes and go to Jail- CBN tells Nigerians
News

Spray Naira Notes and go to Jail- CBN tells Nigerians

Worried by the rate at which Nigerians 'mutilate, deface, squeeze and even spray and sell' the naira notes during memorable occasions such as weddings and funerals, the Central Bank of Nigeria CBN has again warned that anyone caught doing such act will be arrested and sent to jail. An Assistant Director at the Currency Operations Department, Aladeen Badajo said this during the commencement of the CBN two-day sensitisation fair held in Abeokuta, Ogun state today June 10. He pointed out that the apex bank threatened that “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.” “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”Badejo reiterated at the event
Instagram Comedian, Pankeeroy Explains Why he was Arrested by EFCC after Regaining Freedom
Celebs

Instagram Comedian, Pankeeroy Explains Why he was Arrested by EFCC after Regaining Freedom

Instagram comedian, Pankeeroy has explained why he was arrested by the Economic and Financial Crimes Commission after regaining freedom. It was widely reported that the comedian was arrested alongside 34 others in April 2021, by operatives of the Lagos Zonal Office of the Economic and Financial Crimes Commission, EFCC, for alleged involvement in computer-related fraud. However in a statement released shortly after he regained freedom, Pankeeroy whose real name is Nwagbo Oliver Chidera claimed that he was arrested based on discreet information that he is a digital currency enthusiat. His lawyers however said he was released "as there was no form of nexus linking him to the purported commission of the investigated crime". Thanking his fans for their support, the comedian also st...
‘Fadaka Currency For Yoruba Nation Will Be Stronger Than US Dollar’ — Group
Politics

‘Fadaka Currency For Yoruba Nation Will Be Stronger Than US Dollar’ — Group

A group pushing for the Yoruba nation's independence has said Fadaka, the currency for the proposed Yoruba nation, Oduduwa Republic, will be stronger than the United States dollar. The group had on Sunday unveiled different denominations of the proposed currency on its Twitter page. "Oduduwa national currency shall be called 'FADAKA', meaning silver .. or short as just 'FAD' Here is a 20 Fadaka sample banknote," it had written. Speaking with SaharaReporters on Monday, the group said the goal of the Oduduwa Republic is to have the strongest currency in Africa. The group said: "Economy is one of the major factors that will determine the value of our currency. Our goal is to have the strongest currency in Africa. The current strongest currency in Africa is Libya dinar which eq...
Police Investigate 8-Year-Old Boy Over Toy Banknotes
News

Police Investigate 8-Year-Old Boy Over Toy Banknotes

Swiss police confirmed Wednesday they have investigated an eight-year-old boy after he allegedly asked whether he could use a toy banknote in a village shop. Newspapers suggested the shop and the police were overzealous in a case where the boy’s name will be on police records until May 2032. The unnamed boy was not charged with any offence. Basler Zeitung (BaZ) newspaper said the fake euro note was Chinese joss paper “spirit money” used as symbolic burnt offerings at funerals to ensure the dead have a happy afterlife. The pretend euros were thrown about in early March at the Sissach town carnival in the Basel-Landschaft region in the north of Switzerland, where Swiss francs are the official currency. The notes, printed on ordinary paper and featuring blue Chinese characters, wer...
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...
Naira crashes drastically in value as a Dollar sells for N420
News

Naira crashes drastically in value as a Dollar sells for N420

The Nigerian currency has crashed in value to dollar as at Thursday. The Naira is now exchanged bey N405 and N420 to a dollar. Furthermore, The Association of Bureaux De Change Operators of Nigeria president, Aminu Gwadabe, said this is because of the oil price. Reports says the crude oil price fell drastically in the international market. The price of the oil in the market low as $35. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash. “The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support...
Trump Finally Signs ‘Phase One’ of Trade Deal with China after 18 months of Trade War
News

Trump Finally Signs ‘Phase One’ of Trade Deal with China after 18 months of Trade War

US president Donald Trump on Wednesday signed the first phase of a trade deal with China, skyrocketing US stock markets in the process. Trump, who made placing tariffs on China for manipulating their currency, stealing intellectual property and cheating the US on Trade finally got his wish of a new trade deal with China after almost two years long trade war that has hurt U.S. farmers and created a drag on global economic growth. Trump who signed the deal alongside Chinese Vice Premier Liu He in the White House's East Room Wednesday morning said tariffs on Chinese goods will remain until a "Phase Two" agreement is signed. "We're leaving tariffs on which, people were shocked, but it's great," the president said. "But I will agree to take those tariffs off if we are able t...
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, ...
Nigeria, Sierra Leone Plan Currency Swap
Politics

Nigeria, Sierra Leone Plan Currency Swap

The Chairman, Economic Community of West African States (ECOWAS) Committee of Governors of Central Banks, Prof. Kelfala Kallon, has disclosed a plan for currency swap between Nigeria and Sierra Leone. Kallon, who is presently the Governor, Bank of Sierra Leone, also decried the increasing dollarisation of West African economies and subsequent depreciation of national currencies in the region. Recall that the Central Bank of Nigeria (CBN), and Peoples Bank of China (PBoC), had in 2018, agreed on a currency swap worth $2.5 billion to reduce their reliance on the U.S. dollar in bilateral trade. The agreement is aimed at providing sufficient local currency liquidity for Nigerian and Chinese industrialists and other businesses and to reduce difficulties as they search for a third curre...
Eight Persons Arrested Over Sale Of Naira Notes, N2.4m Recovered
Uncategorized

Eight Persons Arrested Over Sale Of Naira Notes, N2.4m Recovered

Eight persons were arrested weekend, over illegal sales of the naira notes, in Ikeja area of Lagos, with the recovery of N2.4 million ‘mint’. The suspects, four men and four women as gathered, were arrested during a raid of markets and party venues around Ikeja and its environs, last Friday and Saturday, by police operatives, those from sister security agencies and officials of the Central Bank of Nigeria, CBN. The suspects are: Adetoro Adijat, 37; Mahmoud Ayoola, 42; Eze Madu, 27; Olorunfunmi Shakirat, 38; Akonji Julius, 40; Olalekan Kadri ,23; Akinsonya Abiodun, 34 and Adeniyi Yetunde, 30. Confirming the arrest, the Lagos State Police Command image maker, DSP Elkana Bala, said, “ A cash sum of N2,440,550.00 ‘naira mint’ of different denominations, used in the illicit trade and othe...
How An Ex-Governor Was Stopped From Stealing N11.5bn Hours To Handover – EFCC Reveals
News

How An Ex-Governor Was Stopped From Stealing N11.5bn Hours To Handover – EFCC Reveals

According to a Punch Metro, the Zonal Coordinator, Economic and Financial Crimes Commission in charge of Bauchi, Taraba and Gombe states, Michael Wetkas,  has disclosed how the zone stopped an immediate past governor in the zone from embezzling N11.5bn 11 hours to handover. He stated this during a walk to commemorate African Anti- Corruption Day in Gombe State, with the theme,  ‘Towards a common African position on asset recovery’. Wetkas said, “You know as well as I do know that one of the biggest problems we have in Nigeria is corruption. It has been the bane of our underdevelopment, cause of unemployment,  decay of our infrastructure and above all, national insecurity. “You may have your doubts but the facts are there. Africa as a continent loses N50bn annually. Nigeria as a co...
US Customs Seizes $15,860 Undeclared Cash From Nigerian Couple
Uncategorized

US Customs Seizes $15,860 Undeclared Cash From Nigerian Couple

US Customs and Border Protection officers at Baltimore Airport have seized over $15,000 of undeclared cash from a Nigerian couple at the airport. The Nigerians, according to reports, arrived from London but failed to declare the exact amount of money they had with them. US Customs seize $15,860 undeclared cash from Nigerian couple. The couple had reported to CBP officers that they possessed $15,000. However, officers discovered an additional $5,850 in the woman’s purse. The officers seized the $20,850 and then released $4,990 to the couple as humanitarian relief. The officers also released the couple to continue their visit, saving them from criminal prosecution. The Nigerians were not identified in a press statement issued on Tuesday. US Customs said it is perfectly legal to c...
Buhari Appoints Emefiele For 2nd Term As CBN Governor
News

Buhari Appoints Emefiele For 2nd Term As CBN Governor

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been nominated for a second term by President Muhammadu Buhari. Senate President Bukola Saraki read a letter from the president reappointing Emefiele for a second term during plenary on Thursday, May 9, 2019. While speaking at the Association of Assets Custodians of Nigeria (AACN) conference in London on Thursday, Emefiele confirmed that he’ll be making a return as the head of the apex bank. The 57-year-old was first appointed by former president, Goodluck Jonathan, in 2014 and will become the first governor to be reappointed for a second term since Nigeria returned to a democratic system in 1999. Before his 2014 appointment, Emefiele spent most of his over two decades of banking years with Zenith Bank Plc ...
Angola sacks Sonangol chief over fuel shortages
News

Angola sacks Sonangol chief over fuel shortages

Angolan President Joao Lourenco sacked the chief executive of the state oil giant Sonangol following several days of dire fuel shortages which have paralysed Africa’s second largest producer of crude. In a decree made public late Wednesday, Lourenco said Carlos Saturnino would be replaced by Gaspar Martins, another Sonangol board member. The statement, which also announced the sacking of other executives, did not give a reason for the dismissals but referred to the continuing fuel crisis. In the capital Luanda, most petrol stations were filled with motorists seeking to buy a few litres of fuel. Shortages also led to power cuts in several provinces and triggered a jump in prices at those garages still holding supplies. In Luanda some stations had quadrupled prices, according ...
Sudan Journalists Protest Over Jailed Editor
News

Sudan Journalists Protest Over Jailed Editor

Pro-government Sudanese men remove anti-regime posters from a building in the capital Khartoum on March 26, 2019. Sudanese President Omar al-Bashir has cut the maximum jail term for violating the country’s state of emergency from 10 years to six months Dozens of Sudanese journalists Monday protested in downtown Khartoum demanding the release of a prominent editor detained for criticising a state of emergency imposed by President Omar al-Bashir, witnesses said. Osman Mirghani, editor-in-chief of independent daily Al-Tayar, was taken away by security agents from his office on the night of February 22 after making televised comments on Bashir’s decision to impose emergency rule nationwide. Bashir declared the state of emergency after an initial crackdown failed to quell widespread pr...
Being Duped Was My worst Experience But I’m Not Depressed – Yung6ix
Celebs

Being Duped Was My worst Experience But I’m Not Depressed – Yung6ix

Nigerian rapper, Yung6ix recently revealed in an Instagram post that he recently lost a lot of money on his bitcoin investment. This according to him was his worst life experience, although he was not depressed about the incident. However, in a chat with Sunday Scoop, Yung6ix said he has the ability to make the money over and over again and so had no reason to enter into depression. “It was a sad experience and I’m just trying to let go at the moment. It was the worst experience ever. However, I am not depressed. I made the money I lost and I can make it over and over again. The hustle doesn’t stop. If you give into challenges, you will fall. But if you brace up and face them, you will rise way higher than you were before,” he said. Offering advice to people from his experience, the r...
CBN Bans Spraying Of Money In Parties Across Nigeria, Says Those Caught Are Liable To Be Jailed Of Pay 50k Fine
News

CBN Bans Spraying Of Money In Parties Across Nigeria, Says Those Caught Are Liable To Be Jailed Of Pay 50k Fine

  A new directive from CBN says mobile courts are now to summarily try those bastardising the national currency, the naira. The committee said those who “spray” naira notes at parties risk going to jail for six months or earning a fine of N50,000 after trial by mobile courts that would be deployed nationwide.   Central Bank of Nigeria (CBN) spokesman Isaac Okorafor said the police and the Ministry of Justice would be involved in the operation, adding: “If a celebrant is dancing and you spray him/her, you may go to jail from the party venue because the law enforcement agents will be there, waiting to arrest you. It is the duty of law enforcement agencies to catch offenders and take them to court. Our collaboration with the police will intensify as we move to imple...
DJ Cuppy Announces 1 Million Naira Giveaway For Currency Challenge
Entertainment

DJ Cuppy Announces 1 Million Naira Giveaway For Currency Challenge

DJ Cuppy just recently released a new single titled “Currency” which she featured L.A.X. The female Disc Jockey has released some dope songs with Tekno & Sarkodie as she is the most popular female disc jockey in Nigeria and arguably in Africa. Cuppy just posted via her Instagram handle that she would be having a 1 Million Naira giveaway for her new song challenge she tagged ‘Currency Challenge‘. The giveaway is for ten (10) people as she will be giving out a Hundred thousand Naira to Ten fans each if they are successful in her forthcoming Currency Challenge (a challenge for her most recent song). She gave the details of the challenge in her post and also stated that the winners will be picked randomly.
DJ Cuppy To Give Out 1Million Naira For ‘Currency Challenge’
Entertainment

DJ Cuppy To Give Out 1Million Naira For ‘Currency Challenge’

Superstar disc jokey, Florence Otedola, popularly known as DJ Cuppy, is set to bless some people with one million naira. The DJ who just released a song, ‘Currency’, featuring L.A.X., has activated a new challenge to this regards. According to her, the challenge is open to her Instagram followers. She will gift one hundred thousand naira each to successful participants of the challenge. The winners, however, will be picked at a random selection. The challenge is tagged the currency challenge. She gave instructions for the challenge in her post. '@cuppymusic I’m giving away ₦ 1 MILLION naira! ?? JOIN IN TO WIN! #CurrencyChallenge #ToCuppyThisTune'
Emefiele Emerges WAMZ Chairman
News

Emefiele Emerges WAMZ Chairman

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been elected chairman of the West Africa Monetary Zone (WAMZ) at the ongoing sub-regional meeting in Abuja. Governor, Central   Bank of Nigeria (CBN), Mr Godwin Emefiele WAMZ consists of six countries, namely: Nigeria, The Gambia, Ghana, Guinea, Liberia and Sierra Leone. In his acceptance speech, Emefiele said that “a lot of work needs to be done, especially in respect of the attainment of ECOWAS single currency by 2020.”   He further noted that everything that is required to be done would be actualised towards achieving the objectives of the regional organisation. While reiterating Nigeria’s unflinching commitment towards the single currency project in the sub-region, the CBN Governor urged member countr...
Naira Appreciates Against Dollar At Parallel Market
News

Naira Appreciates Against Dollar At Parallel Market

The Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria  reports. The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Tuesday, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively. At the Bureau De Change window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively. The naira, however, appreciated at the investors’ window, closing at N361.45, stronger than N361.68 traded on Tuesday, while it was sold at N305.90 at the Central Bank of Nigeria official window. Meanwhile, Mr Godwin Emefiele, CBN Governor, said that Nigeria performed very well among emerging markets in Africa. Emefiele in an inte...
Ex-minister Gets Four-year Jail Sentence For Corruption
News

Ex-minister Gets Four-year Jail Sentence For Corruption

A former Energy Minister, Samuel Undenge, who served under Zimbabwe’s ex-President Robert Mugabe was found guilty of corruption and sentenced to four years in jail on Friday. His lawyer said that this is the first conviction of a Mugabe-era official since he stepped down. Mugabe resigned in November after 37 years in power following a military coup. His former deputy Emmerson Mnangagwa took power, vowing to root out corruption in a bid to attract investors to an economy crippled by a decade of hyperinflation and a sharp shortage of foreign currency. Undenge, was accused of issuing a12, 650 dollars contract without due tender to a company that did not work. His lawyer Alex Muchadehama told Reuters that he would appeal the court’s decision, saying the sentence was “shocking’’. ...
Unemployed Men Sentenced To 9 Months In Prison For Spending Fake Currency At Nightclub In Lagos
News

Unemployed Men Sentenced To 9 Months In Prison For Spending Fake Currency At Nightclub In Lagos

Two unemployed men, nabbed at a Lagos nightclub for spending fake Naira notes, are to spend nine months in prison. An Epe Magistrate’s Court in Lagos State, on Thursday, handed down the sentence to the duo, Chika Nwabusi and Henry Nse, after they pleaded guilty to the charge of possession of counterfeit Naira notes. Nwabusi and Nse, both 26 years old, and who reside at Thomas Esuaye Street in Ajah, Lagos, had, in admitting the offence, waived their rights to legal representation, but pleaded for mercy. The Magistrate, Mrs S.A Gbajumo-Ayoko, convicted the accused based on the evidence before the court and their guilty plea. “Chika Nwabusi and Henry Nse are hereby sentenced to nine months in prison with no option of a fine,’’ the magistrate said in her judgment. Earlier, the p...
Footballer Critcized For Blowing His Nose With Currency Note Worth N31.000
Sport

Footballer Critcized For Blowing His Nose With Currency Note Worth N31.000

In an act that has caused disapproval on social media,Russian football player, Stanislav Manayev was filmed blowing his nose with a 5,000 roubles – the equivalent of N31,000- note. In the video making rounds on social media, depicts Manayev travelling on a plane with teammates. The FC Tonso player asks someone if they have anything for him to clear his nose with, before being handed a bunch of 5,000 rouble notes. “I could give this money to people in great need, but I’m not going to do it because I have snot,” he said and blew his nose with the note, before throwing it to the floor. A video of this was subsequently uploaded to Instagram, although it was deleted shortly after, as the account was bombarded by comments of disapproval. Russian sports minister Pavel Kolobkov reacted to t...
Man Arraigned By EFCC For Currency Counterfeiting
News

Man Arraigned By EFCC For Currency Counterfeiting

The Economic and Financial Crimes Commission today, December 14th, 2017 arraigned one Mohammed Rabiu Musa before honourable Justice S.M Shuaibu of the Federal High Court Kaduna on 8 count charge of currency counterfeiting. The defendant was arrested by the officers of Nigerian Security and Civil Defence Corps NSCDC in Kaduna while in possession of counterfeit Nigerian Currency in N1000 and N500 denominations. The defendant who was subsequently transferred to the commission was arraigned. He pleaded not guilty after listening to the eight count charge against him. Prosecution counsel, Musa Isah, requested the court for a trial date in view of the plea of the defendant. The case has been adjourned to February 21st, 2018 while the defendant was remanded in prison custody.
Naira To Weaken Further As Dollar Demand Increases
News

Naira To Weaken Further As Dollar Demand Increases

The naira is seen weakening against the United States dollar on the black market in the coming days as demand for the dollar increases. Stakeholders and industry analysts, however, said the local unit was expected to trade within a range on the investor and exporters forex window and official interbank market. The local currency weakened to 370 against the dollar on the black market on Thursday, compared with 364/dollar last Thursday, Reuters reported. This came on the back of surging demand for the dollar by summer holidaymakers and parents paying school fees for their children abroad, forex traders said. The naira was quoted at 362.39 to a dollar on the investor and exporters forex window on Thursday against 367.49 per dollar last week. On the official interbank window, th...
Interbank Rate Rises As Lenders Settle Debt Purchases
News

Interbank Rate Rises As Lenders Settle Debt Purchases

Nigeria’s interbank lending rate rose to 12 percent on Friday from eight percent after bond and treasury bill purchases paid for by lenders drained banking system liquidity, traders said. The central bank sold N25 billion worth of 363-day treasury bills on Friday, while lenders paid for bonds bought at an auction on Wednesday. Money market rates stood at 15 percent last week. They dropped to 8 percent after the central bank injected N89.96 billion to settle matured treasury bills on Thursday. “We see interbank rate climbing to 20 percent at the start of next week because of expected central bank intervention in the foreign exchange market,” one trader told Reuters. The central bank has been using treasuries to mop-up liquidity from the banking system in a bid to also curb press...
ECOWAS Should Have Common Currency To Boost Trade – Obasanjo
News

ECOWAS Should Have Common Currency To Boost Trade – Obasanjo

Former President Olusegun Obasanjo has called on the leaders of the Economic Community of West African States (ECOWAS) to agree on common currency to boost the regional trade. Obasanjo made call at the ongoing 24th Annual General Meeting of the African Export-Import Bank (Afreximbank) in Kigali speaking on: ‘Can Regional Economic Communities Work for Africa: Lessons from a Founding Father.’ He stated that the issue of common currency was getting delayed because the regional leaders had put forward “ECO” as a name for the currency but wondered why it had not been adopted saying that the currency is required to move the current level of the regional trade from 25 per cent to more than 50 per cent. He however blamed too many internal conflicts and changes in policies, among others, a...
Etisalat Repaid Nearly Half Of Loan Amount Before Default – Official
News

Etisalat Repaid Nearly Half Of Loan Amount Before Default – Official

Etisalat Nigeria had already repaid $500 million of $1.2 billion in loans owed to banks before it defaulted in February due to a currency devaluation, a senior executive told Reuters on Thursday. Talks between Etisalat Nigeria and lenders to restructure the $1.2 billion loan agreed in 2013 have failed to produce a deal, forcing the banks to step in this month. Ibrahim Dikko, vice president for regulatory affairs, said the company currently owed lenders $575 million and talks with lenders were ongoing. The total amount of debt outstanding were $227 million and 113 billion naira ($358.73 mln), he told Reuters in a phone interview. The loan agreed with 13 local banks in 2013 was a seven-year facility to refinance a $650 million loan and fund expansion of its network. Etisalat Nige...
Central Bank Introduces New Forex Rules As Naira Closes At N367 To The Dollar
News

Central Bank Introduces New Forex Rules As Naira Closes At N367 To The Dollar

The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market. This came barely one week after the naira closed below 370/dollar on the parallel market. The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku. Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions. It also said that authorised dealers in the forex market could now defease their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN It read in part, “All authorised dealers shall be subject to a maximum ...
Doctor Sues Bank Over Counterfeit Euro Currency
News

Doctor Sues Bank Over Counterfeit Euro Currency

A medical doctor has taken one of the new generation banks to court over the alleged issuance of ‘fake’ currency which was discovered when he attempted to spend same money in Germany. In a charge sheet number I/134/2017 filed before Justice R.B Akintola of the Oyo State High Court sitting in Ibadan, Dr. Olutunde Oni, claimed that he was issued counterfeit euro currency sometime in 2015 at one of the branches of the bank in Ibadan as he was about to proceed on the journey. Joined in the suit is a staff of the bank, Mr. Folorunso Abisoye. Counsel for the claimant, Mr. Ade Fajemiroye, prayed the court to hear the case in default because the defendants failed to file their defence and that the defendants have been served with all the court processes by the court bailiff. However, the pray...
Why We Created Multiple Exchange Rates—CBN
News

Why We Created Multiple Exchange Rates—CBN

The Central Bank of Nigeria (CBN) has justified its creation of the various exchange rates for the Naira against the major foreign currencies at the forex market. According to the apex bank, these rates were created because they were very necessary to a single economy like Nigeria battling with crisis. At the moment, there are over five exchange rates for individuals and investors to access in the foreign exchange market in Nigeria. While there is the official CBN rate, banks have their own rates, just like the parallel market has its own, which seems to be the highest and easily accessible to residents of the country. Since the nation’s economy slumped into recession in 2016, the Naira has crashed against major currencies at the forex market and at a time in 2017, the local cu...
Naira Gains Against Dollar To N375/$
News

Naira Gains Against Dollar To N375/$

The Naira continued to gain against the dollar following the Central Bank of Nigeria (CBN) $457 million intervention on Monday. The local currency on Thursday rose against the U.S dollar to N375 per dollar on the parallel market as the foreign exchange liquidity continued to increase. Investigations revealed that the parallel market rate which most analysts had projected to remain at N385 to a dollar, improved to N375/$. CBN’s Acting Director of Corporate Communications, Isaac Okorafor, had at the weekend reiterated the bank’s commitment to ensuring that there was enough supply of forex to genuine customers in pursuit of rates’ convergence.
Naira Gains, Dollar Crashes At Parallel Market
News

Naira Gains, Dollar Crashes At Parallel Market

- The Naira has gained strength against the American Dollar at parallel market - The local currency however crashed against the Pound but stayed firm against Euro - Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees The Naira on Wednesday, May 17, continued its growth against the American Dollar at the parallel market. This follows report that the local currency closed the day at N385 to the Dollar, one point stronger than the N386 it closed on Tuesday, May 16. However, the local currency weakened against the Pound Sterling but stayed firm against the Euro at the same segment. It dropped seven points against the Pound to close at N497 a...
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.
CBN Injects $186m As Forex Reserves Beat $30bn
News

CBN Injects $186m As Forex Reserves Beat $30bn

Following Tuesday’s assurances by Godwin Emefiele, the CBN says it will continue to intervene in the foreign exchange market, as it injected $185.86 million into the retail Secondary Market Intervention Sales (SMIS). Isaac Okorafor, the bank’s acting director in charge of corporate communications, while confirming the auction sale, disclosed that out of the auctioned amount, only $3.14million was sold as spots, while the sum of $182.72million was sold as forwards. Okorafor further explained that the overall picture of the inter-bank forex market was that of optimism, going by the level of access now being enjoyed by different categories of customers in both the wholesale and retail segments of the market. Emefiele, while assuring Nigerians of the imminent end of the current recess...
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...
Currency Speculators ‘to Lose N700m
News

Currency Speculators ‘to Lose N700m

•CBN lifts supply with $180m, invisibles get $80m Currency speculators and those hoarding the dollar are expected to lose N700 million this week, as the Central Bank of Nigeria (CBN) sustains its dollar interventions in the interbank market. Speaking on the impending loses, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said speculators were losing an average of N20 per dollar, with transaction volumes running into several billions of naira. The CBN continued its intervention in the interbank market, where it yesterday offered $180 million to meet bids for forwards. The offer includes requests for invisibles, such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window. Confirming the...
Anambra Church Introduces 1trillion Naira Note Issued By Central Bank Of Heaven
News

Anambra Church Introduces 1trillion Naira Note Issued By Central Bank Of Heaven

See the 'biggest' Nigerian currency denomination used in church The programme titled 'Biblical principles for prosperity', was put up on a banner depicting a copy of the already existing N1,000 note. In place of the 'Central Bank of Nigeria' are the words 'Central Bank of Heaven', and instead of three zeros, there are twelve zeros, bringing it to a total of one trillion naira. The N1,000 note is officially the biggest Nigerian currency denomination, but it now seems the N1,000,000,000,000 has eclipsed that.
Forex: CBN Pumps Additional $100m Into Market
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Forex: CBN Pumps Additional $100m Into Market

The Central Bank of Nigeria on Tuesday injected another sum of $100m into the interbank foreign exchange market, its acting Director, Corporate Communications, Isaac Okorafor has said. Okorafor said the measure became necessary as part of the initiatives to make Forex easily accessible, thereby crashing demand at the black market. The director made this known to newsmen in Abuja on Tuesday. He said that the measure was to fund the commercial banks with enough Forex to cater for the request of customers and to meet basic travelling allowance, medicals and tuition fees. This fresh injection by the apex bank brings the amount so far pumped into the interbank Forex market within the last two weeks to $1.14bn for both forwards and invisibles. A former Economic Adviser to former P...
MTN: Nigeria’s Fine Causes Negative 2016 Revenue
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MTN: Nigeria’s Fine Causes Negative 2016 Revenue

South African telecoms giant MTN said Thursday that it made a $200m loss in 2016 – the company’s first – after suffering a huge fine in Nigeria and currency challenges in key markets. “MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement. Johannesburg-based MTN reported profits of 20.2 billion rand ($1.6bn) before tax for 2015 Overall performance was hindered by lower than expected growth in both South Africa and Nigeria — as well as the depreciation of the rand against the dollar and the continued impact of a $1bn fine by Nigerian authorities.
Naira Weakens To N458 Per Dollar At Parallel Market
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Naira Weakens To N458 Per Dollar At Parallel Market

According to reports, the local currency has crashed to N458 per dollar as against the N455 it closed yesterday, March 1. The Naira also weakened to N540 against the Pound from the previous rate of N535 and to N475 against the Euro as against the previous rate of N460. Recall that just last week, the value of the Naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market, in over three years. This follows the Central Bank of Nigeria (CBN) decision to sell a total of $372.4 million to ease the pressure on the local currency. Financial experts had predicted that the local currency will continue to appreciate if the status quo was maintained. On its part, the CBN said the recent appreciation of the Naira against other currencies was the res...
Nigerian President’s Long Absence Empowers Energetic Deputy
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Nigerian President’s Long Absence Empowers Energetic Deputy

The Nigerian president’s month-long medical leave overseas has empowered his deputy to attack the country’s problems with an energy that has surprised observers and led some to suggest he should stay in charge for good. When he left for London on Jan. 19, President Muhammadu Buhari handed power to Vice President Yemi Osinbajo, a 59-year-old lawyer and pastor. He has embarked on a whirl of domestic travel and meetings, taking on long-standing, seemingly intractable issues like the weakened naira currency and oil militants whose bombings have cost the country billions of dollars. That isn’t silencing some critics who say Buhari’s absence has caused a power vacuum, nor calming the concerns of citizens amid an official silence on the cause of the president’s leave. On Tuesday, the 74-yea...
How Naira Went From N525/$1 To N400/$1 In 3 Days
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How Naira Went From N525/$1 To N400/$1 In 3 Days

The Naira has made appreciable gains against the dollar in the last couple of hours. Here's the back story to it all. This time last week, the Naira was in a race of its own for the bottom. Nigeria's currency just couldn't be stopped. At the parallel market just a few days ago, the Naira closed trading at N525 to the Dollar. Economists and speculators were so sure that trading would close at N600/$1 before mid March, 2017. However, on February 20, 2017, the Central Bank of Nigeria (CBN) tweaked its foreign exchange policy following marching orders from the national economic council headed by Vice President Yemi Osinbajo. Osinbajo and finance minister Kemi Adeosun mandated the CBN headed by its Governor Godwin Emefiele, to review its monetary policy. "Council members genera...
Naira Improves On Parallel Market, Sells At N501/$
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Naira Improves On Parallel Market, Sells At N501/$

The new foreign exchange policy introduced by the Central Bank of Nigeria strengthens the Naira on the parallel market on Wednesday. The local currency which traded N512 to a Dollar on Tuesday, gained N11 to close at N501 against the US dollar, and stronger than N520 it traded on Monday. Traders also noted that the buy rate of the greenback improved below N490 to the dollar as currency hoarders who had held on to the dollar for several weeks rushed to sell off the currency following the renewed confidence in the CBN’s ability to meet forex demand. Also, global ratings agency, Fitch Ratings said on Wednesday that the new forex policy announced by the CBN would ease forex scarcity and banks’ pressure. According to the statement released by Fitch Ratings, the most important part o...
Armed Robbery Suspects Arrested By Abia Police Including A Lady
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Armed Robbery Suspects Arrested By Abia Police Including A Lady

The operatives of the Anti-Robbery section of the State Criminal and Intelligence Department Umuahia, acting on intelligence received, on 3/02/2017 arrested one CHIJIOKE EMEKA ‘m’ of Amuri Umuaka in Njaba LGA of Imo State. The suspect had on 9th December 2016, with others at large robbed one George Agu ‘m’ of Agbama Housing Estate Umuahia, of his  Toyota High Lander Jeep with registration No. JJJ 71 DQ. The stolen Jeep was recovered from the suspect. _ The Operatives of the Central Police Station Aba, on 07/02/2017 arrested one PRINCE EZE ‘m’ aged 29 years and JONAH IKECHUKWU ‘m’ aged 23years. Suspects are notorious criminals that have been robbing and engaging in house and store breaking within St. Michael Street Aba, and its environs. Items recovered from them include; One Samsung ta...
Naira Crashes To 516 As Dollar Scarcity Widens
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Naira Crashes To 516 As Dollar Scarcity Widens

The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday . The naira plummeted at the parallel market from 510 /dollar on Wednesday to 516/ dollar on Thursday . Currency dealers on the streets of Lagos Island sold the greenback at 516 and bought same for 513. In Egbeda , a major black market centre in Lagos , the naira was sold for 516 and bought at 510. At the Murtala Muhammed International Airport, Lagos , the dollar was bought on the parallel market for 516 and sold at 513. On Wednesday , the local currency had closed at 507 against the greenback as acute dollar shortage continued to weigh on the currency market. The local currency traded at 507 /dollar on Monday and Tuesda...
ECOWAS to Establish Single Currency by 2020 – Envoy
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ECOWAS to Establish Single Currency by 2020 – Envoy

The Economic Community of West African States, ECOWAS on Friday said notable progress has been made in its plan to establish a single currency by 2020 and the adoption of a single biometric identity card for member states. The Liberian Ambassador to Nigeria, Professor Al-Hassan Conteh, stated this in Abuja, while speaking on behalf of the Permanent Representatives of Member States to ECOWAS at the 41st Anniversary of the Commission. News Agency of Nigeria (NAN) reports that ECOWAS had fixed January 2015 for the implementation of the common currency project in West Africa but was later shifted to 2020 because member states were not able to satisfy criteria for it. Conteh who was not categorical on the progress, expressed satisfaction on the the level of achievement made so far ...

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