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EFCC Raids BDCs In Kano, Abuja, Oyo As Dollar Hits N1,900

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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.

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Econony

SEE States With Highest And Lowest Food Price Inflation Rates In Nigeria For March 2024

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The lastest data released by the National Bureau of Statistics (NBS), has unveiled states in Nigeria with the highest and lowest food inflation rates.

The data released on Monday by the NBS, are for the month of March 2024.

According to the NBS, the states with the highest food inflation rates are:

Abia (5.17%)

Cross River (5.14%)

Bayelsa (4.75%)

Those with the lowest food inflation rates are:

Borno (1.59%)

Yobe (2.08%)

Adamawa (2.12%)

Meanwhile, Nigeria’s inflation rate has increased to 33.2% for the month of March 2024 according to the latest data released on Monday by the National Bureau of Statistics (NBS).

The new figure represents a 1.5% increase from the 32.7% recorded in February 2024.

The NBS data shows that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

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JUST IN: Inflation Rises to 33.20% in March

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The National Bureau of Statistics (NBS) Monday, April 15, has said that inflation rate increased from 31.70% in February 2024 to 33.20% in March 2024.

According to the Bureau in its Consumer Price Index (CPI) and Inflation Report March 2024, inflation rose by 1.50% point compared to the previous month.

NBS said: “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.”

The document said on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in March 2024 when compared to the same month in the preceding year (i.e., March 2023).

NBS further noted that on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

The Bureau explained this means that in March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

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SEE Black Market Dollar To Naira Exchange Rate Today – April 15, 2024

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The exchange rate for the dollar to the Naira in the black market, also known as the parallel market, stands at N1135 for buying and N1140 for selling as of Sunday, April 14, 2024. These rates were reported by sources at Bureau De Change (BDC) in Lagos.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct foreign exchange transactions through authorized banks.

Buying Rate: N1135
Selling Rate: N1140
Meanwhile, the CBN’s official rates for the dollar to the Naira today are:

Buying Rate: N1237
Selling Rate: N1238
Please be aware that actual rates may vary depending on where you conduct your forex transactions, as prices are subject to change.

Optimistic Forecast for Naira: In a recent forecast by Goldman Sachs Group Inc., it is anticipated that the Nigerian currency, the Naira, could significantly strengthen, potentially trading below ₦1,000 to the dollar in the near future. This outlook follows an earlier projection by Goldman Sachs on March 10, which predicted the Naira reaching ₦1,200 per dollar within the next twelve months.

Andrew Matheny, an economist at Goldman Sachs, expressed optimism during an interview with Bloomberg, suggesting that the Naira might surpass earlier expectations by trading even lower than the projected ₦1,200 against the dollar. He indicated the possibility of the Naira trading below ₦1,000 in the foreseeable future.

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