Forex

Elite Figures Grapple for Reprieve Amid CBN Investigation

Published

6 months ago

November 6, 2023

As the Jim Obazee-led special investigative panel concludes its scrutiny of the Central Bank of Nigeria (CBN), a slew of influential Nigerians entangled in alleged financial malpractices are clamoring for a meeting with President Bola Tinubu, hoping to secure a lenient outcome.

The list of individuals seeking clemency is topped by prominent importers, manufacturers, and politically-exposed businessmen, accused of engaging in foreign exchange round-tripping exceeding a staggering $5 billion.

Presidential aides are, however, staunchly limiting access to President Tinubu to ensure an untainted investigation.

President Tinubu’s unwavering resolve to cleanse the financial landscape and rejuvenate the economy has curbed any leniency for those implicated in financial infractions.

A reliable source close to the panel disclosed that “Those implicated in wrongdoing will face the full extent of the law. There are no sacred cows in this endeavor. They have significantly contributed to the upheaval in the foreign exchange market, and our ongoing efforts are directed at restoring order and trust in the system.”

Numerous influential individuals are reportedly lobbying vigorously for a meeting with President Tinubu to secure a more favorable resolution, possibly entailing returning the misappropriated foreign exchange and evading prosecution.

The investigative panel has already unveiled a trove of illicit activities, with implicated figures and their staff subjected to extensive interrogations.

The panel is expected to release its comprehensive report imminently. Meanwhile, panel members have been subjected to threats as they exposed various financial misdeeds perpetrated by foreign exchange traffickers and their associated firms.

In July, President Tinubu established the special investigative panel to scrutinize the operations of the CBN and other government-owned entities. He directed the panel to report directly to his office to mitigate bureaucratic obstacles.

In September, the panel extended its investigation to companies owned by high-ranking CBN officials and board members.

While the names of these companies have been withheld, evidence suggests their involvement in acting as conduits for anchor borrowers’ loans and foreign exchange irregularities, with no corresponding investments to justify the substantial facilities they received.

Following the investigation, former CBN Governor Godwin Emefiele and his deputies resigned, with Dr. Yemi Cardoso now leading a fresh team at the CBN. Furthermore, in August, the CBN publicly disclosed its consolidated financial statements for the past seven years, marking the first time since 2015 that the institution’s financial records have been available for public scrutiny.

President Tinubu’s unwavering commitment to transparency and accountability remains evident as the investigation nears its conclusion.

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Naira

Black Market Dollar to Naira Exchange Rate Today 17th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Published

2 days ago

May 17, 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 17th, 2024 stood at 1 USD to ₦1,540.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,560 and sold it at ₦1,550 on Thursday, May 16th, 2024.

This indicates a slight improvement in the Naira exchange rate when compared to today’s 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 the black market

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

Buying Rate: ₦1,540
Selling Rate: ₦1,530

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.

Forex

SEC and ABCON Explore Collaboration for ‘Kolectyomoni’ Digital Currency Platform

Published

2 days ago

May 17, 2024

Samed Olukoya

The Association of Bureaux De Change Operators of Nigeria (ABCON) has initiated talks with the Securities and Exchange Commission (SEC) to explore collaboration on its upcoming digital currency market platform, ‘Kolectyomoni’.

This move was underscored during an official visit by ABCON representatives to the newly appointed Director General of the SEC, Dr. Timi Agama. Aminu Gwadabe, President of ABCON, conveyed the association’s eagerness to engage with SEC to ensure the smooth operation of its digital currency platform.

Gwadabe emphasized that ABCON recognizes the regulatory oversight of SEC in the financial sector and seeks its guidance to navigate the complexities of the digital currency market.

He pointed out that while digital currencies hold immense potential for financial inclusion and innovation, they also present regulatory challenges that require collaborative efforts between industry stakeholders and regulatory bodies.

Highlighting the significance of embracing digital currencies, Gwadabe noted, “The future of BDC’s business is digital currency.”

He stressed the growing adoption of digital currencies among Nigerians, citing statistics that reveal a rising number of participants in the digital currency ecosystem, with a substantial market size of $9 billion annually.

In response, Dr. Timi Agama expressed SEC’s openness to support and facilitate the growth of the digital currency sector in Nigeria.

He acknowledged ABCON’s initiative in launching the ‘Kolectyomoni’ platform and assured of SEC’s cooperation in providing regulatory guidance and oversight.

Agama reaffirmed SEC’s commitment to fostering innovation in the financial sector while ensuring investor protection and market integrity.

He underscored the importance of collaboration between regulators and industry players to develop robust frameworks that foster innovation and safeguard against potential risks.

Furthermore, Agama encouraged ABCON to finalize the development of the ‘Kolectyomoni’ digital currency platform and submit it to the SEC for thorough review and assessment by the technical team.

He emphasized the need for timely regulatory oversight to address emerging trends in the digital currency market and maintain regulatory compliance.

Naira

Black Market Dollar to Naira Exchange Rate Today 16th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Published

3 days ago

May 16, 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 16th, 2024 stood at 1 USD to ₦1,560.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,530 and sold it at ₦1,520 on Wednesday, May 15th, 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.