Connect with us

Business

Falling naira: EFCC threatens to arrest dollar hoarders

Published

on

EFCC Chairman, Abdulraheed Bawa

The Economic and Financial Crimes Commission has threatened to arrest Nigerians hoarding dollars and other foreign currency.

Chairman of the anti-graft agency, Abdulrasheed Bawa, made this known on Friday while meeting representatives of Bureau De Change operators in the Federal Capital Territory, Abuja.

The meeting was sequel to the anti-graft agency’s ongoing efforts to check the rising cases of foreign exchange speculations, which had brought pressure on the value of the naira.

Bawa warned those involved to desist or risk arrest as a major offensive against the speculators was under way, adding that the EFCC had intelligence linking some persons and organisations to the hoarding of foreign currencies especially the United States dollars in commercial cities across the country.

READ ALSO:

He said, “The commission has intelligence linking some persons and organisations to the hoarding of foreign currencies especially the United States dollars in key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.

“We, however, warn those involved to desist or risk arrest as a major offensive against the speculators is under way.”

The EFCC had intervened by raiding some Forex markets in Abuja, which saw the currency return to its pre-speculated value.

Bawa noted that the meeting was called to fashion out a collaborative stakeholders’ response to brazen foreign exchange speculation especially at the parallel market which was hurting the country’s monetary policy by instigating a decline in the value of the naira.

The anti-graft agency noted that similar meetings are planned for other Bureau de Change operators in other major commercial cities across the country’s including key players, regulators and operators within the Nigerian financial sector.

Punch

Business

Naira drops to N680/$ at parallel market

Published

on

The naira, on Wednesday, depreciated against the dollar at the parallel market as it traded for N680 per dollar.

Last week, the naira closed at N665 to a dollar at the street market.

The street traders put the buying price of the dollar at N665 and the selling price at N680, leaving a profit margin of N15.

They said scarcity has returned to the FX market.

On the official market, the naira appreciated by 0.52 percent to close at N428.75 to a dollar on Tuesday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

The foreign exchange market had witnessed appreciation in the past one week after the Economic and Financial Crimes Commission raided a BDC hub in Abuja.

The EFCC accused some BDC operators of mopping up foreign currencies, especially the dollar, to either hoard or smuggle the funds out of the country.

It therefore vowed to clamp down on persons and organisations hoarding foreign currencies across key commercial cities such as Kano, Lagos, Port Harcourt, Enugu and Calabar.

The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane,  recently said the naira was overvalued by 200 percent and projected that the official rate would be devalued next month.

Continue Reading

Railway

Diesel cost: NRC reduces Lagos-Ibadan trips from six to two

Published

on

The Nigerian Railway Corporation has reduced the number of trips on the Lagos-Ibadan train service to two due to the hike in the price of diesel.

Managing Director of the corporation, Fidet Okhiria, told The Punch that the NRC had cut the number of return trips on the route from six to two every day.

He said, “The Lagos-Ibadan train service is running, but we have reduced the number of trips on that route because of the diesel problem. We reduced the number of trips we are running because of the hike in diesel price.

“We are now doing two return trips as against six, which by now should have gone to 10. So, we run just two trips now due to the diesel problem.”

Despite the rising cost of operations, the NRC boss said it was outside the corporation’s powers to hike fares.

He said the corporation had sent recommendations to the Federal Ministry of Transportation for an adjustment in the train fare.

“We just can’t increase it by ourselves. The government has to do that. We have made some recommendations. But even with the recommendations we made, the new price of diesel has overshot our workings contained in the recommendations,” Okhiria said.

“However, we don’t want to price ourselves out of the market too, because the price of petrol is not increasing as such, rather the increase is little when compared to diesel price. And you know we are competing with transporters on road.”

In the last five months, the price of diesel has hit N800 per litre, representing a 28 per cent increase — it sold for 625/litre in March.

Continue Reading

Railway

Train attack: Terrorists release retired general’s six family members, one other

Published

on

Four children and three adults among train Abuja-Kaduna passengers kidnapped by terrorists in March have been released.

The children, who are the grandsons of a retired general, were released on Wednesday along with their father and mother.

A 60-year old man was also said to have been released in the latest set of freed abductees on health ground.

They were abducted when the terrorists bombed the rail track near Kaduna, forcing their train to stop and shot at the passengers, killing some of them in the process.

A number of the captives had earlier been released at different times.

A statement on Wednesday a Kaduna-based publisher, Tukur Mamur, who negotiated the release of some of the passengers, said the children and their parents were released after the intervention of Sheik Ahmad Gumi.

“Disturbed by the gory videos images of four teenage children belonging to the same family he saw in the last video released by the attackers of the AK9 Train, Sheikh Dr. Ahmad Gumi for the first time since the abduction of the innocent passengers of that train over 4 months ago has reached out to the abductors through his media consultant, sent Allah’s messages to them and consistently pleaded with them to consider the release of the poor children and their innocent parents.

“It was learnt that the health condition of two of the teenage children has deteriorated since the flogging incident that affected their helpless father. A total of additional seven hostages were therefore released on Wednesday.

“The husband (maybe he meant father) of the four kids is a staff of the National Assembly Commission. There was no intervention from the commission or NASS on his behalf since the travails begun.

“This is to confirm to the world that due to Sheikh Gumi’s efforts and with the support of a serving senator from the North, (a God-fearing personality that doesn’t have any relationship with the hostages) who chose to remain anonymous that all the family of six have regained their freedom on Wednesday morning. Also released is a 60-year-old woman, one Hajia Aisha Hassan, who was said to have been released due to life threatening health challenges that deteriorated recently.”

He gave the names of the six family members released as Abubakar Idris Garba, who is the father of the four kids, his wife, Maryama Abubakar Bobbo, and their eldest son, Ibrahim Abubakar Garba, who is 10 years old.

Others are Fatima Abubakar Garba, seven years; Imran Abubakar Garba, five years old, and the youngest, Zainab Abubakar Garba, who is only one and a half years.

The husband, Abubakar is the son of Maj. Gen. Idris Garba (retd). Gen. Garba, now bedridden, had once pleaded with government to ensure the release of his child, daughter-in-law and grandchildren.

He was a military administrator of Kano and Benue states during the administration of former military president, Gen. Ibrahim Babangida.

Continue Reading

Trending