Forex

EFCC Arrests Abuja, Lagos BDC Operators

The Economic and Financial Crimes Commission (EFCC)

Published

1 year ago

November 17, 2022

Operatives of the Nigerian ombudsman, the Economic and Financial Crimes Commission (EFCC) in a recent raid in Lagos and Abuja, arrested some Bureau De Change (BDC) operators in the country’s twin economic and political capitals.

The latest release obtained by Investors King from EFCC revealed the exercise “was incidental to the Commission’s overall efforts in sanitizing the foreign exchange (forex) sector.”

EFCC Director of Operations, Abdulkarim Chukkol stated this on Monday, November 14, 2022, while fielding questions on “Good Morning Nigeria,” a breakfast programme on the Network Service of the Nigeria Television Authority, (NTA). Chukkol who stood in capacity for the Commission’s Executive Chairman, Abdulrasheed Bawa, was among the prominent personalities invited to discuss the topic ‘’Sanitizing Ungoverned Operators in the Forex Sector.”

Chukkol confirms the arrest of BDC operators and currency speculators in the parallel market was not indiscriminate, but a product of intelligence. He said, “At EFCC, we work with intelligence and with other stakeholders; and when we talk of illegal forex operators you cannot just invite people on the street, even though sometimes you could, but generally you do not have a choice but to make arrest.”

He stressed that the Commission considers foreign exchange malpractice as an economic crime against the Nigerian state, adding that the Commission as far back as 2016 established a full-fledge Section known as ‘Foreign Exchange Malpractices Section.”

He revealed EFCC has for over ten years, maintained a visible presence at all airports across the country to checkmate incidences of bulk cash movement outside Nigeria – which is another aspect of this menace.

Through the Commission’s presence at major gateways into the country, many arrests of cash smugglers have been made and bogus amounts in foreign currencies recovered.

EFCC personnel in previous operations had apprehended many, with Chukkol affirming “Some were arrested with excess of $6 Million (Six Million United States Dollars), others with $2 Million (Two Million United States Dollars), and we know that these huge sums were not meant to be used in buying goods but stolen monies being laundered out of the country.”

The ombudsman further stated that EFCC not only recovered some of these funds but facilitated their forfeiture to the Nigerian Federal Government, while the culprits have since been prosecuted.

He emphasized the need for active inter-agency and stakeholder’s collaboration, pointing out that many of the over 6,000 registered BDCs do not belong to the Association of Bureaux De Change Operators of Nigeria (ABCON) and therefore out of the coverage of regulators.

He reminded that “The Central Bank of Nigeria (CBN) guidelines are clear regarding returns by BDCs, but how many of them do this?” referring to non-compliance by the exchangers.

Other discussants in the programme include the Director of Monitoring Policy Department of CBN, Dr. Hassan Mahmud; President, Association of Bureau De Change of Change Operators of Nigeria, Dr. Aminu Gwadebe; a finance and investment analyst, Niyi Akinsuji; and a commentator on financial issues and Managing Director of Timeline Consult, Shuabu Idris. Their respective contributions identified the issue of Nigeria being an import driven economy, lack of adequate penalty, shortage of trained manpower, and identification of what truly constitutes ‘black market’ beyond the institutional banking system, as some of the problems impeding the fight against foreign exchange malpractice in the country.

EFCC is clamping down on illegal BDC operators owing to a recent report that the depreciation of the naira was in part due to the activities of black market.

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Naira

Dollar to Naira Black Market Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

3 hours ago

May 4, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,400
Selling Rate: ₦1,390

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

1 day ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 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 N1,310 and sell it at N1,300 on Monday, April 29th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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.