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EFCC MEETS BDC OPERATORS IN ABUJA, TO CLAMP DOWN ON FOREX HOARDERS

Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has met with representatives of Bureau de Change Operators in Abuja, Nigeria as part of efforts to check speculation in foreign exchange speculation.The EFCC believes currency speculation recently led to a drastic drop in the value of the naira.Earlier the EFCC had raided some BDC… Continue reading EFCC MEETS BDC OPERATORS IN ABUJA, TO CLAMP DOWN ON FOREX HOARDERS

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NIGERIA’S INFLATION RATE HITS FIVE-YEAR HIGH AT 18.60%

The consumer price index (CPI), which measures the rate of change in prices of goods and services, hit a five-year record high leapfrogging from 17.71 per cent in May to 18.60 per cent in June 2022.The National Bureau of Statistics (NBS) disclosed this in its consumer price index (CPI) report for June 2022, released on… Continue reading NIGERIA’S INFLATION RATE HITS FIVE-YEAR HIGH AT 18.60%

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NIGERIAN COURT JAILS CHINESE TWO YEARS FOR TEARING COUNTRY’S CURRENCY, NAIRA NOTES INTO PIECES

The Federal High Court sitting in Ikoyi, Lagos State on Tuesday sentenced a Chinese national, Li Lei Lei, to 24 months imprisonment for mutilating the Nigerian currency, Naira.Li Lei Lei was arrested by the operatives of the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Command and arraigned before Justice I. Nicholas Oweibo, on four… Continue reading NIGERIAN COURT JAILS CHINESE TWO YEARS FOR TEARING COUNTRY’S CURRENCY, NAIRA NOTES INTO PIECES

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EXCHANGE RATE FALLS AT OFFICIAL MARKET AS DOLLAR SUPPLY DROPS SIGNIFICANTLY

Nigeria - Exchange rate falls at forex market despite significant surge in dollar supplyMonday, 20th September 2021: The exchange rate between the naira and the US dollar closed at N413.68/$1, at the official Investors and Exporters window.DCO Global News Published on September 21, 2021 By Odoh Dominic ChukwuemekaNaira fell against the US dollar on Monday,… Continue reading EXCHANGE RATE FALLS AT OFFICIAL MARKET AS DOLLAR SUPPLY DROPS SIGNIFICANTLY