Black Market Operators Threaten FX Stability—ABCON

Image

By Aduragbemi Omiyale

The Association of Bureaux De Change Operators in Nigeria (ABCON) has declared operators of foreign exchange (forex) at the black market as a threat.

President of the group, Mr Aminu Gwadabe, said efforts must be made to frustrate the operations of the hawkers of FX on the streets because they are economic sabotage.

The ABCON chief, while speaking at a sensitisation programme, said licenced Bureaux De Change (BDC) operators must, therefore, set a good example in their operational modalities and make forex buyers lose confidence in black market dealers.

However, he assured that an operational war would be waged against forex speculators and black market dealers because they are responsible for distorting the Naira exchange rate against the Dollar and other global currencies.

According to Mr Gwadabe, this action is necessary because the BDCs will not allow FX speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.

“Please, now is the time to support the Central Bank of Nigeria (CBN) to achieve a stable exchange rate.

“Do not allow forex speculators, street hawkers to take over our business.

“Constantly comply with CBN’s regulations on the rendition of returns and corporate governance practices [to help stabilise] the Naira,” he said at the virtual meeting with members of the association across all the six geo-political zones in Nigeria.

The ABCON president, while speaking further at the event themed ABCON Sensitisation Against Volatility in the Exchange Rate, advised every BDC operator to have full knowledge and understanding of how to raise and submit both the Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) to regulators, understand the obligation of registering and filing reports on the NFIU goAML -Anti-Money Laundering portal and proper documentation of all forex sales.

He also urged them to file their reports as and when due on weekly basis to Nigerian Financial Intelligence Unit, the CBN, the Economic and Financial Crimes Commission (EFCC), Know Your Customer (KYC) and due diligence reports.

Mr Gwadabe charged the over 5,000 members of the association to adhere strictly to regulations as they could be spot-checked by the CBN examiners at any time.

“Be vigilant in your operations because you can be spot-checked by the CBN examiners at any time. All BDCs should appoint Compliance Officers and Data Protection Officers as directed by the CBN which is also in-line with the global best practices,” he said meeting held simultaneously in Lagos, Abuja, Kano, Onitsha, Benin, among others.

Share
Related Stories
Image
23-February-2024

Port Harcourt Refinery to be Fully Operational Soon—FG

By Adedapo Adesanya  The federal government has disclosed that the Port Harcourt Refinery should become operational very soon as it has attained 80 per cent completion. The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, during a tour of the facility, disclosed that the refinery would produce two million litres of Premium Motor Spirit, otherwise known as petrol, and 2.2 million litres of diesel per day upon resuming operations. In a statement by the Director of Press and Public Relations in the Federal Ministry, Mr Olajide Oshundun, it was further stated that the old plant should produce 54,000

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

More Stories
Image
11-December-2016

Ecobank Offers Free HIV Testing For Employees

By Modupe Gbadeyanka Leading independent pan-African banking group, Ecobank, recently offered free voluntary HIV testing for its members of staff. This was part of activities marking the 2016 World AIDS Day held on December 1. Ecobank Group CEO, Mr Ade Ayeyemi, and several members of senior management were among staff who volunteered to take the test. According to Mr Ayeyemi, “Effectively tackling HIV remains one of Africa’s most pressing public health challenges. As a leading pan-African bank with the largest footprint in the middle of Africa, Ecobank has a leadership responsibility to join hands with the world to end this

Image
12-August-2020

Shifting Consumer Habits Demand Fresh Focus to Fight Fraud

By Aribidesi Lawal Nearly every part of daily life has changed as the world continues to fight back against COVID-19. Most observers agree that the increased focus on digital commerce by consumers and merchants will likely remain even after a vaccine is found and the economy rebounds. As the pandemic and its economic impact extend into 2021 and beyond, these new habits will likely crystalize. It is important for merchants and financial institutions to adapt now to support consumer behaviour through safe, reliable digital commerce. A shift to online channels by consumers and fraudsters Globally, consumers are shopping more online.

Image
25-October-2022

Nigeria Generates $932m From Spectrum Sales, Taxes—Pantami

By Adedapo Adesanya The Minister of Communications and Digital Economy, Mr Isa Pantami, has revealed that the quarterly revenues generated for the federal government from the ICT sector increased from $1.1 million to $932 million (approximately N419.4 billion) through spectrum sales and taxes. The Minister disclosed this in a speech delivered at the third edition of Digital Nigeria Day, emphasising some of the significant milestones which the sector has achieved. According to Mr Pantami, the ICT sector provided 3 distinctive contributions to the country’s Gross Domestic Product (GDP) in the last 3 years. He noted that these were 14.07 per

Image
21-June-2019

T-Bills Yield Sheds 0.07% Amid Inflows from OMO Maturities

By Dipo Olowookere The secondary market for treasury bills in Nigeria closed bullish on Thursday, with the corresponding yields facing south. Business Post reports that this occurred in the midst of the inflows from OMO maturities yesterday, which raised the level of liquidity in the financial system. At the close of transactions on Thursday, the average treasury bills yield went down by 0.07 percent to settle at 12.03 percent. It was observed that during yesterday’s trading session, only the 180-day debt instrument recorded a growth in its yield. The bill saw a 0.08 percent increase in yield to 12.52 percent.

Image
10-December-2018

Asian Stocks Fall on Disappointing Data from China, Japan

By Investors Hub Asian stocks tumbled on Monday as weaker than expected U.S. jobs data for November as well as disappointing data from China and Japan raised fresh concerns over global growth. Brexit-related uncertainty and rising tensions between the U.S. and China over the detention of tech company Huawei’s CFO Meng Wanzhou also dented investor sentiment. Chinese shares fell as data on trade pointed to slower global demand. The benchmark Shanghai Composite Index dropped 21.31 points or 0.8 percent to 2,584.58, while Hong Kong’s Hang Seng Index ended down 311.38 points or 1.2 percent at 25,752.38. China’s exports rose 5.4

Image
15-June-2023

FG Restores Working Permit, Visa of Embattled Seplat CEO

By Adedapo Adesanya The Ministry of Interior and the Nigeria Immigration Service (NIS) have restored the working permit, combined expatriate residence permit and aliens card, CERPAC, and other visas for entry or stay in Nigeria of the Chief Executive Officer of Seplat Energy, Mr Roger Brown. The company previously announced that the immigration documents were withdrawn following allegations of racism, unfair prejudice, discrimination, and improper immigration status against him by some people described as “concerned workers and stakeholders of Seplat Energy Plc.” The energy firm said it cooperated fully with the verification checks conducted by the immigration authorities, which resulted

Image
02-February-2017

VIDEO: Toyin Aimakhu’s Ex-Lover Seun Egbegbe In Another Theft Scandal

By Dipo Olowookere A movie producer in the Yoruba movie industry, Mr Seun Egbegbe, has again been reportedly arrested in Lagos over allegation bordering on theft. Mr Egbegbe once dated a top actress in the Yoruba film industry, Ms Toyin Aimakhu, who later changed her name to Ms Toyin Abraham. It was reported that Mr Egbegbe was caught trying to rip off an unsuspecting Mallam of the sum of N10 million on Thursday, while pretending to be a medical doctor at the Gbagada General Hospital. In a video being shared on the internet, and obtained by Business Post, the movie

Image
16-March-2022

We’ve Resolved National Power Outage—FG

By Adedapo Adesanya The federal government said the national power outage has been resolved. The nation was thrown into total darkness following the collapse of the national grid. The Minister of Power, Mr Abubakar Aliyu, while briefing State House Correspondents after the week’s virtual Federal Executive Council (FEC) meeting presided over by the Vice President, Mr Yemi Osinbajo, blamed pipeline vandalisation, grid collapses among other challenges as the reason for the recurrent nationwide blackout. “We have recovered the grid now. The grid is back and we are trying to get more megawatts to push on the grid. We have set

Ad
Ad
Recent Stories
Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
25-February-2024

Climate Change: Agric Experts Advocate Smart Farming Practices

By Bon Peters Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country. They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050. The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital. A Senior Lecturer in the Department of Agricultural

Image
25-February-2024

VFD Group’s Adeniyi Adenubi Mentors Next Generation of Entrepreneurs

An executive director of VFD Group, Mr Adeniyi Adenubi, has mentored some students of the the Nigerian University of Technology and Management Scholars Programme (NSP). The mentoring session was to enlighten the next generation of entrepreneurs about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being Dream and believe in your dream. The Nigerian financial and investment expert spoke about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

Image
25-February-2024

ECOWAS Lifts Sanctions on Niger, Mali, Guinea

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has resolved to lift some sanctions on Niger Republic, Mali, and Guinea. The resolution was taken at the extraordinary summit on the peace, political, and security situation in the ECOWAS sub-region in Abuja on Saturday. While the regional bloc said the political and a few targeted sanctions on the Niger Republic remain, it lifted some financial and economic sanctions on Guinea and others on Mali. Following the military coup in Niger Republic on July 26, 2023, which toppled President Mohamed Bazoum, ECOWAS imposed several sanctions on the country. Now,

Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post