The Economic and Financial Crimes Commission, EFCC, has charged Husaini Mohammed Auwal, a Bureau de Change operator, before the Federal High Court in Abuja with alleged unlawful financial transactions totaling N998,421,564. Auwal and his firm, Humak Global Business Links, were charged with six counts of suspicious transaction report, criminal conspiracy, money laundering, and collecting money…
In the parallel market, the naira is currently worth more than 2,000 naira versus the British pound. Punch said that the new rate jumped from N1,930 recorded on Saturday, February 17, and is now the lowest point in the naira’s history performance. In parallel markets, the naira may be exchanged for more than N1700 per…
The Central Bank of Nigeria has prohibited International Oil businesses (IOCs) from repatriating all foreign exchange gains to their parent businesses overseas. Beginning immediately, the regulation prohibits international oil companies from repatriating 50% of their revenues in the first instance and the other half after 90 days. According to a circular issued by Hassan Mahmud,…
Amid the country’s foreign exchange crisis, the Central Bank of Nigeria (CBN) has declared that Personal and Basic Travel Allowances would henceforth only be paid electronically, not in cash. Hassan Mahmud, the Director of the top bank’s Trade and Exchange Department, issued the instruction in a circular dated February 14, 2024. All authorized dealers and…
The Naira’s value continued to plummet on Thursday, Feb. 15, falling to N1,610 to the US dollar (USD) on the parallel market. At the conclusion of business on Thursday, the Naira had risen to N1,498.25 per dollar at the Nigeria Autonomous Foreign Exchange (NAFEX) market, up from N1,515.28. However, on the parallel market, the value…
The International Monetary Fund (IMF) has announced that the Nigerian government has begun subsidizing premium motor spirit (PMS), also known as fuel. Recall that on May 29, 2023, during his swearing-in speech, President Bola Tinubu proclaimed the end of petrol subsidies. A few weeks later, the Central Bank of Nigeria (CBN) combined the several exchange…
Nigeria’s crude oil output fell somewhat in January 2024 to 1.419 million barrels per day (mbpd), down from 1.422 million in December of last year. The Organization of Petroleum Exporting Countries, or OPEC, announced this on Tuesday in its February Monthly Oil Report. According to OPEC, the statistic implies a 3,000 barrel per day decline…
“Nigeria is a very very poor country, to be honest. I think our wealth is overestimated,” Bayo Onanuga, the President’s Special Adviser on Information and Strategy, stated this on Monday during an interview with Arise Television. He stated that Nigeria remains a very poor country, given its low per capita GDP in comparison to other…
Margaret Emefiele, the wife of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, and three others have been proclaimed sought by the Economic and Financial Crimes Commission (EFCC) for suspected money laundering operations. Margaret Emefiele, Eric Odoh, Anita Omoile, and her husband Jonathan Omoile are wanted by the EFCC for their involvement in a…
At the conclusion of business on Friday, the Naira rose marginally versus the US dollar and other currencies in the foreign currency market. According to FMDQ data, the Naira gained ground on Wednesday, trading at N1,469.97 per US dollar, up from N1,479.47 on Friday. This is a 0.6 percent or N9.5 increase over Tuesday’s closing…