GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

EFCC Battles Black Market To Boost Naira, Local Currency Gains N60 To $1 Within A Week

The EFCC also threatened to detain Nigerians who are keeping large amounts of dollars and other foreign currencies in reserves

Rojon by Rojon
January 11, 2024
in Crime
Reading Time: 2 mins read
EFCC Battles Black Market To Boost Naira, Local Currency Gains N60 To $1 Within A Week
89
SHARES
Advertisements

EFCC is battling the black market to boost the naira as the local currency has gained N60 to $1 within a week.

 

Goldennewsng reports that after plummeting to an all-time low of N710.00 the value of the local currency in Nigeria increased dramatically this week when compared to the US dollar on the P2P market on a week-to-week basis.

READ ALSO

How to Report Police Misconduct in Nigeria

Zamfara Gov: I Can End Banditry in 2 Months If…

 

After the nation’s anti-graft agents raided currency operators in Lagos and Abuja, the naira recovered from a record low against the dollar on the black market, which strengthened it to N650 per dollar on Friday, thus keeping the naira up by N60 to a dollar in the last 7 days.

 

The Economic and Financial Crimes Commission (EFCC) reportedly searched bureau de change operators and questioned them about their operations while the anti-graft agents snapped photos of currency dealers and made copies of their identification cards.

 

The EFCC also threatened to detain Nigerians who are keeping large amounts of dollars and other foreign currencies in reserves. In a meeting with representatives of Bureau De Change operators on Friday in the Federal Capital Territory of Abuja, Abdulrasheed Bawa, the chairman of the anti-graft agency, announced this.

 

Bawa stated that the EFCC had intelligence connecting some people and organizations to the hoarding of foreign currencies, especially the United States dollars, in commercial cities all over the country, and warned those involved to stop or risk arrest as a major offensive against the speculators was underway.

What you should know

  • Recall that the CBN expressed concern about the value of the naira a few days ago and has since made conscious steps to stop the naira’s further decline.
  • In line with Governor Emefiele’s remarks on the currency crisis, currency speculators at these markets emphasized that enforcement agencies blamed “artificial dollar scarcity” for the naira’s problems and accused them of acquiring available dollars to create artificial scarcity.
  • The Nigerian apex bank stopped providing dollars to bureau de change operators more than a year ago, accusing them of exacerbating the foreign currency scarcity by selling it on the underground market.
  • Osita Nwasinobi, the director of the CBN’s corporate communications division, stated that the central bank would keep acting decisively in the foreign exchange market to stop further losses in the value of the naira.
  • He cautioned forex buyers not to fall prey to the speculative tactics of some FX market participants in order to stop the naira from depreciating much further.

According to experts, boosting dollar liquidity will be key to the naira’s further appreciation. There would undoubtedly be a decrease in the activities at the black market if the central bank keeps putting framework and structure in place to maintain liquidity.

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Top Fully-Funded Medical Scholarships Abroad For Nigerian Students

Next Post

Mastercard Foundation Scholarship 2023 (Fully Funded)

Related Posts

How to Report Police Misconduct in Nigeria

Report Police Misconduct

How to Report Police Misconduct in Nigeria Police brutality and misconduct remain pressing concerns in Nigeria, despite repeated promises of...

Read moreDetails

Zamfara Gov: I Can End Banditry in 2 Months If…

Governor Dauda Lawa

Governor Dauda Lawal of Zamfara has declared that banditry in the state could be eliminated within two months if state...

Read moreDetails

Collecting Transport Fare From a Man Without Showing Up Is a Punishable Offence – Nigeria Police Warns Women

Collecting Transport Fare From a Man Without Showing Up Is a Punishable Offence – Nigeria Police Warns Women

The Nigeria Police Force has issued a warning to Nigerian women, cautioning that collecting transport fare from men and failing...

Read moreDetails

Eyewitness Narrates What Really Happened Between Ibom Air Passenger and Cabin Crew

Eyewitness Narrates What Really Happened Between Ibom Air Passenger and Cabin Crew

Eyewitness Narrates What Happened Between Ibom Air Passenger and Cabin Crew   The controversy surrounding the dramatic removal of an...

Read moreDetails

Peter Obi: Why Is a Poor Passenger in Jail While Bigger Offenders Walk Free?

what peter obi has to say about ibom air incident

Labour Party’s 2023 presidential candidate, Peter Obi, has weighed in on the viral Ibom Air incident that saw passenger Comfort...

Read moreDetails

NSCDC officer’s death: Suspect dies while trying to Escape Arrest

NSCDC officer's death: Suspect dies while trying to Escape Arrest

Jigawa: Suspect in Killing of NSCDC Officer Dies After Falling From Moving Vehicle Jigawa State, August 10, 2025 – A...

Read moreDetails

FG bans Kwam 1 from flying indefinitely – See Details of What Happened 

FG bans Kwam 1 from flying

The Federal Government has banned Kwam 1 from flying indefinitely - See full Details of what led to the suspension ...

Read moreDetails

Man who slept with two underaged daughters on the run in Niger

A raped Girl ... As friend takes turn on 9 year girl   BY OUR REPORTER    Following his incest escapades...

Read moreDetails

Drama as Court Jails Two TikTokers for Defaming Late Mohbad’s Wife

Drama as Court Jails Two TikTokers for Defaming Late Mohbad’s Wife

A Federal High Court in Lagos has ordered that TikTokers Saheed Osama and Uyime Udoekwere be remanded at the Ikoyi...

Read moreDetails

Court orders prosecution of auxiliary nurse linked to Mohbad’s death

Court orders prosecution of auxiliary nurse linked to Mohbad’s death

Court orders prosecution of auxiliary nurse linked to Mohbad’s death The Coroner’s Court sitting in Ikorodu, Lagos State, has directed...

Read moreDetails
Load More
Next Post
Mastercard Foundation Scholarship 2023 (Fully Funded)

Mastercard Foundation Scholarship 2023 (Fully Funded)

SEARCH ADS

Latest Posts

DSS Summons Sowore
Headline

Breaking: DSS Summons Sowore Over Social Media Post Against Tinubu

Complete List Of Countries That Have Qualified For 2026 World Cup
News

Complete List Of Countries That Have Qualified For 2026 World Cup

Fuel Crisis Looms as Petroleum Workers Begin Indefinite Strike
business

Fuel Crisis Looms as Petroleum Workers Begin Indefinite Strike

South-east Has No Business Demanding For Senate Presidency – ACF Chieftain
Headline

Breaking: Dead Body Found At National Assembly Complex

Microfinance banks for business loans
business

Top 10 Microfinance Banks for Business Loans in Nigeria (2025) – Fast Approval & Low Interest

Dollar to Naira Black Market & Official Rate Today
business

Dollar to Naira Black Market & Official Rate Today Sept 8, 2025

First Lady launches N1bn 18,500 women empowerment grant in Sokoto
Headline

First Lady Launches ₦1bn Women Empowerment Grant in Sokoto

Students Protest UNILAG Post-UTME Malpractice, Blame Faulty AI Screening
Education

Students Protest UNILAG Post-UTME Malpractice, Blame Faulty AI Screening

Dollar to Naira Black Market & Official Rate Today
business

Dollar to Naira Black Market & Official Rate Today Sept 7, 2025

NELFUND Disburses ₦32.1m to 750 Students at Federal College of Education, Gombe
Education

NELFUND Disburses ₦32.1m to 750 Students at Federal College of Education, Gombe

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News