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UBA, Zenith Bank, Others Publish 1,235 Names, BVNs Of Forex Violators

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Naira Exchange Rates - Investors King

Following the order of the Central Bank of Nigeria (CBN), the identities, including names and Bank Verification Numbers (BVNs) of foreign exchange defaulters have been exposed on the websites of ten Nigerian banks.

Investors King recalls that the CBN had earlier instructed Nigerian banks to publish names and BVNs of customers who engage in fraudulent acts to obtain foreign exchange (forex) from banks.

“Consequently, further to the various measures already put in place, all banks are hereby directed to publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two weeks as stipulated in the customer declaration form signed by them”, the CBN had stated.

About 1,235 names and BVNs of individuals have already been published on the websites of Zenith bank, Access Bank, Fidelity Bank, First City Monument Bank (FCMB), United Bank for Africa (UBA), Stanbic IBTC, Wema Bank, Polaris Bank and Sterling Bank.

987 names of defaulters were published on Zenith bank’s website while Access bank, Wema Bank and Fidelity bank listed 24, 1 and 83 names respectively.

Polaris Bank, IBTC and UBa listed 40, 19 and 3 names respectively while Standard Chartered Bank listed four. Sterling bank however published 66 names, adding that six of its customers presented fake visas or documents to apply for Personal Travel Allowance (PTA).

Earlier this month, the CBN Governor, Godwin Emefiele, had stated that banks must begin to source their forex from export proceeds. He had revealed that the CBN would stop the sale of foreign exchange to banks by the end of the year.

Emefiele who spoke during the launch of CBN’s new forex repatriation scheme, ‘RT200’ had revealed that the decision is in line with the CBN’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.

“The era is coming to an end when, because your customers need 100million dollars in foreign exchange or 200 million dollars, you now want to pack all the dollars and pass it to CBN to give you dollars.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate your export proceeds”, he had revealed.

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Naira

Dollar to Naira Black Market Today, February 23rd, 2024

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira Dollar Exchange Rate - Investors King

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,650 and sell it at N1,640 on Thursday, February 22nd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,610
  • Selling Rate: N1,600

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Naira

Naira Appreciates Slightly to N1,542.58/$ at NAFEM

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New Naira notes

The Naira appreciated marginally against the United States dollar, closing at N1,542.58/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

This modest gain represents a 2.9 percent appreciation from the previous day’s rate of N1,598.54, highlighting a nuanced fluctuation in the currency’s value.

According to data sourced from the FMDQ Securities Exchange, a platform overseeing FX trading in Nigeria, the Naira’s journey throughout the trading day was marked by an intra-day high of N1,755 and a low of N1,050.

Moreover, the total foreign exchange turnover surged to $172.14 million, indicating a 47 percent increase from the previous day.

Despite the Naira’s marginal gain at NAFEM, concerns persist regarding the widening gap between the official and parallel market rates.

The Naira’s depreciation to N1,900 against the dollar in the parallel market before it moderated to N1,687 later in the day.

Analysts and Bureau De Change operators foresee further pressure on the Naira, with predictions of a potential all-time low of 2,000/dollar at the parallel market in the coming weeks.

The demand for the greenback continues to fuel volatility, prompting regulatory actions from entities like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to curb speculative activities.

As stakeholders monitor the currency’s trajectory, the CBN’s efforts to address forex liquidity challenges and stabilize the Naira remain under scrutiny amidst evolving market dynamics.

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Forex

Police and EFCC Personnel Raid Bureau De Change Outlets in Ibadan’s Sabo Area

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Bureau De Change Operator

In a concerted effort to curb illicit currency dealings and stabilize the nation’s currency, Nigerian security operatives, including police and Economic and Financial Crimes Commission (EFCC) personnel, launched a raid on Bureau De Change (BDC) outlets in Ibadan’s Sabo area.

Sabo, a prominent district in Ibadan, the capital of Oyo State, serves as a central hub for currency exchange activities in the region.

Videos circulated on social media platforms captured the dramatic scene as armed security personnel and their convoy descended on the bustling Sabo Road.

The raid comes amidst growing concerns over the depreciation of the Nigerian naira, which hit record lows against major foreign currencies, including the dollar.

Sources revealed that the naira’s value reached alarming levels, with exchanges as high as N1980 to $1 on the parallel market and N1780 on the official market.

President Bola Tinubu’s administration has intensified efforts to crack down on individuals involved in currency racketeering, aiming to restore stability to the nation’s economy.

The clampdown signals a firm stance against illegal currency trading and serves as a deterrent to those engaging in speculative activities.

While the raids may disrupt illicit operations, they also underscore the government’s commitment to restoring confidence in the financial sector and promoting transparency in currency exchange practices.

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