Forex: CBN Justifies DSS Raid On Black Market Operators

Image

forex-black-market

By Modupe Gbadeyanka

The raid on traders of foreign exchange at the parallel market by operatives of the Department of State Services (DSS) has received the backing of the Central Bank of Nigeria (CBN).

Speaking with newsmen on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja, Mr Godwin Emefiele, the CBN Governor, said there was nothing wrong with the operation.

He described those being arrested as engaging in “illegal traded.”

For some days now, the DSS has nabbed forex traders at the black market in Lagos, Abuja and Kano.

Few days ago, 40 forex hawkers were apprehended in Kano by men of Nigeria’s secret police.

However, the action has further weakened the Naira against the Dollar.

Mr Emefiele stressed that the foreign exchange regulation in the country forbids trafficking in currency, noting that the security operatives have the power to enforce the law and make sure that currency hawkers were apprehended.

He urged forex traders on the streets to legitimise their business by applying for Bureau De Change (BDC) licence, submitting that it was demeaning for them to hawk currency on the streets.

Share
Related Stories
Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in

More Stories
Image
18-July-2019

H1 2019: Transcorp Records 57.57% Decline in Profit

**As Revenue Drops 30.19% By Dipo Olowookere The board of Transcorp Plc on Thursday released the statement of financial position of the company as at June 30, 2019 to the investing public. In the results released on the Nigerian Stock Exchange (NSE) and briefly analysed by Business Post, the firm posted a 57.57 percent depreciation in the profit after tax (PAT), which stood at N4.614 billion in contrast to N10.875 billion achieved in the same period of 2018. This was as the profit before tax (PBT) also depreciated by 57.72 percent to N5.050 billion from N11.944 billion in the corresponding

Image
31-July-2018

Tech Stocks May Lift Wall Street

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to regain some ground after moving mostly lower over the course of the previous session. The markets may benefit from bargain hunting following the weakness seen in the technology sector over the past few days. Positive sentiment may also be generated by a report from the Commerce Department showing personal income and spending both increased in line with economist estimates in the month of June. Overall trading activity may be somewhat subdued, however, as traders look ahead to the Federal Reserve?s

Image
10-January-2017

First Bank Raises Mobile App Transfer Limit To N1m

By Dipo Olowookere The daily transfer transaction limits on First Bank’s FirstMobile Lifestyle mobile app has been increased from N500,000 to N1 million. This information was contained in a statement issued on Monday by the First Bank’s Head of Digital Banking, Mrs Folasade Femi-Lawal. Explaining the motive behind this development, Mrs Femi-Lawal said it is to provide customers with a suite of financial options in a convenient and secure environment. The bank’s senior staff said, “This development is expected to boost convenience and ease of banking as well as enhance customers’ digital banking experience in line with the bank’s commitment

Image
11-August-2023

Oil Prices Drop on US Inflation Data, Weak China Outlook

By Adedapo Adesanya Oil prices settled lower on Thursday as speculation about another US interest rate hike faded following inflation data, with a weak outlook from China pressuring the market. Brent crude fell by $1.15 or 1.3 per cent during the session to $86.40 per barrel, as the West Texas Intermediate (WTI) crude lost $1.58 or 1.9 per cent to close at $82.82 per barrel. US consumer prices data for July released on Thursday fuelled speculation that the US Federal Reserve is nearing the end of its aggressive rate hike cycle. The consumer price index rose 0.2 per cent last

Image
11-December-2019

Stock Market Suffers N144bn Loss Tuesday

By Dipo Olowookere The equity market in Nigeria plunged into a 1.11 percent loss on Tuesday as investors continue to look for direction and await the positive news that could propel the local bourse back into life. During yesterday’s trading, the market capitalisation depreciated broadly by N144 billion, which left it at N12.734 trillion against N12.878 trillion on Monday. This also affected the All-Share Index (ASI), which went down by 297.1 points to 26,384.21 points from 26,681.31 points. Despite the fall, the level of activity improved yesterday as the volume of equities traded on the Nigerian Stock Exchange (NSE) rose

Image
23-May-2023

FG Charges NLNG to be Globally Competitive

By Modupe Gbadeyanka The federal government has promised to improve the security situation in the country to enable Nigeria Liquefied Natural Gas (NLNG) to produce more gas needed by Nigerians for domestic use, though it tasked the firm to be globally competitive. The Minister of Finance, Budget and National Planning, Mrs Zanaib Ahmed, while inspecting the Bonny-Bodo road project in Rivers State, commended the organisation for living up to expectations in gas production and social responsibilities in spite of the challenges it encounters on a daily basis. The 38km Bonny-Bodo road is one of the NLNG’s Corporate Social Responsibilities in

Image
02-June-2023

Naira Crumbles at Parallel Market After CBN Devaluation Denial

By Adedapo Adesanya The Naira tumbled against the Dollar in the parallel market on Thursday after the Central Bank of Nigeria (CBN) refuted reports that it had devalued the local currency to N630/$1 in the official market. The central bank described the news report as fake news, urging members of the public to disregard it as it had not authorised such. This affected the value of the Nigerian currency on the streets yesterday as it lost N10 against the US Dollar to close at N750/$1 compared with Wednesday’s value of N740/$1. In the official segment, which is also the Investors

Image
24-March-2022

Chidozie Takes Over as Bento Africa CEO, Ebun Steps Down

By Aduragbemi Omiyale The co-founder and chief operating officer of Bento Africa, Mr Chidozie Okonkwo, has been asked to take charge of the company by the board of directors, with Mr Ebun Okubanjo, the co-founder and chief executive officer told to step down. The suspension of Mr Okubanjo followed an article published by Tech Cabal, accusing him of being toxic to members of staff. In a message on Wednesday, the firm said the CEO will for now “take some time off” and will not be allowed to be involved in “all people-related decisions” until further notice. In his absence, “Chidozie

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent