CBN Raises BDC Exchange Rate To N385 Per Dollar

forex, CBN, bureau de change, exchange rate, Central bankThe Central Bank of Nigeria has raised the exchange rate for bureau de change operators to 385 naira per dollar.

This move is to encourage Nigerians in diaspora to use official channels to transfer earnings back home.

Prior to the announcement, the CBN allows BDCs to buy at 375 naira per dollar and sell at 381 naira per dollar.

In the meantime, the naira appreciated at the interbank foreign exchange market in response to intervention by the CBN.

The regulator sold 1.5 million dollars to stabilize the interbank exchange rate.

The local currency appreciated to 305 naira 5 kobo at the interbank and 455 naira to the greenback at the parallel market.

Meanwhile the CBN is also expected to license 20 new international money transfer operators in the coming weeks to handle an estimated 21 billion dollars annual diaspora remittances into the country.

This is part of efforts to stabilise the foreign exchange market.

The President of the Bureau De Change Operators of Nigeria, Mr Aminu Gwadabe, believes the CBN’s policy on IMTOs will boost diaspora cash inflow into the country and force the dollar rates against the naira down.

The CBN had in August 31, licensed 11 IMTOs in addition to Western Union, Moneygram and RIA, which were earlier cleared by the regulator.

EFCC Arrests Impersonator of Okonjo-Iweala’s Secretary

EFCCA suspected fraudster that impersonated Barrister Wilson Amarachi, Secretary to Minister of Finance and Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, has been arrested by operatives of the Economic and Financial Crimes Commission, EFCC.

John Nze Madu was arrested at Diamond Bank, Ojodu branch, Lagos, where he went to make withdrawals with an ATM card.

Investigation showed that Madu defrauded a Chinese national, Wu Qingzhu, of the sum of Five Thousand, Three Hundred and Eighty American Dollars ($5,380) when he allegedly posed as Barrister Wilson Amarachi and deceived the Chinese into believing that he had outstanding payments to collect for contracts executed for the Nigerian Government.

This, he achieved by presenting the Chinese with fake documents from high ranking Nigerian officials. He allegedly used different email addresses, two documents purportedly from Daily Sun Newspaper, an official gazette purportedly signed by President Goodluck Jonathan and Senate President, David Mark and an international passport data page purportedly belonging to Amarachi.

Madu contacted Qingzhu through an online message, informing him that he was expected to open a non-residence account in Nigeria and make payment of $300 (Three Hundred United States Dollars). Qingzhu complied and made two other payments: $1,430 (One Thousand Four Hundred and Thirty United States Dollars) and $3,650 (Three Thousand Six Hundred and Fifty United States Dollars), through Western Union.

Madu was arrested at the bank premises where he went to withdraw proceeds of his fraudulent activities.

He would be charged to court after investigations are concluded, according to the EFCC.