Economy
EFCC Raids BDCs In Kano, Abuja, Oyo As Dollar Hits N1,900
Operatives of the Economic and Financial Crime Commission (EFCC) arrested some currency exchange operators in the famous Kano currency exchange market, WAPA, in the early hours of Wednesday.
The latest development comes after the National Security Adviser, Mallam Nuhu Ribadu, ordered a crackdown on currency speculators.
An eyewitness, Malam Isma’ila Zico, who spoke with Daily Trust, said officials of the EFCC surrounded the dollar exchange section of the market and apprehended many operators.
Zico said, “They were so tactical in the operation, it was after the apprehension that we found out that they have been in the market since morning. When it was time for them to strike, we then saw their operatives with crested vests and some other security agents, and they surrounded the Dollar exchange section of the market. I can’t say how many people were apprehended but they have taken away many operators.”
Confirming the raid, the WAPA currency exchange market Chairman, Alhaji Sani Salisu Dada, said the operatives of the EFFC were in the market to address the issue of dollar hoarding and operators that were yet to register as certified bureau de change operators.
He explained that EFCC had made some arrests, and those arrested were taken away for further investigations.
The chairman added that normal activities had returned in the market, and the association was ready to comply should the need arise.
The operatives also raided Bureau De Change operators in Sabo, Ibadan, over an alleged naira/dollar exchange hike.
Confirming the raid, an eyewitness said the current trading rate in the market is around N1900 to N1,940, adding that the operatives confiscated a lot of cash and arrested ten people.
He said, “They took about ten people. Amongst the arrested are people who don’t deal in exchange business, innocent people. They said they hiked the dollar to naira rate.”
The operatives also raided BDCs in Wuse Zone 4, Abuja.
The Central Bank of Nigeria has announced the sale of dollars to Bureau De Change operators.
This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Friday.
The latest intervention of the central bank comes days after the Nigerian naira has been taking a beating at both the official and parallel market where it has depreciated to about 1,670/$ on Friday.
The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”
The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.
Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.
By Mario Deepromoter
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1635 and sell at N1645 on Friday 6th September 2024, according to sources at Bureau De Change (BDC).
Black market dollar to Naira exchange rate on Friday 6th September 2024 can be accessed below.
The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1635 and sell at N1645 on Friday 6th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1645
Selling Rate N1635
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1625
Selling Rate N1630
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has revealed that it will start lifting petrol from the Dangote Refinery from September 15th.
This is coming a few hours after the Refinery debunked reports claiming that the NNPCL had started the lifting of its petrol and selling for N897 per litre.
Speaking on TVC News’ “Journalists’ Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the corporation is awaiting the September 15 deadline provided by the Refinery to start lifting petrol.
Segun also said that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.
He revealed that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”
He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”
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