Naira

Naira Redesign: Anti Graft Agency, EFCC May Start Profiling Large Depositors For Money Laundering

EFCC has started profiling large depositors of naira notes as banks across the country witnessed increased deposits of cash ahead of the December deadline.

Published

1 year ago

November 14, 2022

Investors King

Nigeria’s anti-graft agencies including EFCC may start profiling large depositors of naira notes as banks across the country witnessed increased deposits of cash ahead of the December deadline.

It would be recalled that on the 26 of October 2022, the Central Bank of Nigeria (CBN) announced that the bank plans to redesign a portion of the naira notes to checkmate money laundering, counterfeiting, hoarding and terrorism.

Speaking at the headquarters of the apex bank, the CBN Governor, Godwin Emefiele noted that the central bank has finalised arrangements for the new currency to begin circulation from December 15, 2022, after it would have been launched by President Muhammadu Buhari.

The affected naira notes include N100, N200, N500 and N1000 notes.

Immediately after the announcement, Nigerians both financial experts and otherwise began to showcase their opinions.

While some welcomed the idea, stating that it could expose corrupt politicians and top civil servants who have stacked loads of Naira in their homes, others viewed it as an effort in futility.

As the deadline for people to deposit their old naira notes in exchange for new notes draws nearer, banks have started to witness huge deposits running into billions of naira.

Last week, the CBN disclosed that about N52 billion in cash has been deposited across the commercial banks.

Investors King expects this figure to increase exponentially in the following weeks as the apex bank claimed that N3.2 trillion is in circulation.

Meanwhile, sources have confirmed that the central bank will soon begin screening large depositors for money laundry and currency hoarding.

Already, the CBN has identified large depositors to include politicians, Bureau De Change Operators, traders, and real estate financiers among others.

It was also learnt that the anti-graft agencies including the EFCC have directed banks to keep records of depositors including institutions.

Meanwhile, several naira notes minted some years back even as far as 2008 are now back in circulation.

A number of those notes looking cleaner and better than recently minted notes have surfaced on social media.

Up Next

CBN May Swiftly Devalue Naira Post-2023 Election

Don't Miss

Naira Redesign: Former CBN Governor, Charles Soludo Thrown Weight Behind Policy

Investors King

Comments

Naira

Dollar to Naira Black Market Today, April 19th, 2024

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

15 hours ago

April 19, 2024

Samed Olukoya

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 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 N1,020 and sell it at N1,010 on Thursday, April 18th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly 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: N1,100
Selling Rate: N1,090

Naira

Naira’s Recent Gain Reflects Policy Direction, Says CBN Chief Olayemi Cardoso

Published

2 days ago

April 18, 2024

Samed Olukoya

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has explained that the recent surge in the Naira is a testament to the positive direction of government policies rather than active intervention to defend the currency’s value.

Addressing attendees at the spring meetings of the International Monetary Fund and World Bank in Washington, Governor Cardoso underscored that the CBN’s intention is not to artificially prop up the Naira.

He clarified that the fluctuations observed in the country’s foreign exchange reserves were not aimed at defending the currency but rather aligning with broader economic goals.

Over the past month, the Naira has experienced a notable uptick in value against the dollar, signaling a reversal from previous declines. Data from Bloomberg reveals a 6.4% decrease in liquid reserves since March 18, coinciding with the Naira’s rebound.

Despite this decline, Cardoso pointed out that around $600 million had flowed into the reserves in the past two days, reflecting confidence in the Nigerian market.

Governor Cardoso articulated the CBN’s vision of a market-driven exchange rate system, emphasizing the importance of allowing market forces to determine exchange rates through willing buyers and sellers.

He expressed optimism about a future where the central bank’s intervention in the foreign exchange market would be minimal, except in extraordinary circumstances.

The recent resilience of the Naira follows a period of volatility earlier in the year, marked by a substantial devaluation in January. Since then, the CBN has implemented measures to stabilize the currency, including monetary tightening and initiatives to enhance dollar liquidity.

Cardoso highlighted the transformation in market sentiment, noting that investors now perceive Nigeria’s central bank as committed to stabilizing inflation and fostering economic stability.

As Nigeria continues its journey toward economic recovery and stability, Cardoso’s remarks provide insight into the central bank’s strategy and its impact on the country’s currency dynamics.

Naira

Dollar to Naira Black Market Today, April 18th, 2024

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 18, 2024

Samed Olukoya

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 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 N1,050 and sell it at N1,040 on Wednesday, April 17th, 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.