Bureau de Change operator exchanges N1.7m with fake dollars.

Usman Nafada, a Bureau de Change operator, has connived with an accomplice to swindle one Mr Abdullahi Uba, of the sum of N1.7m at the Obalende area of Lagos during the course of changing some dollars to naira.

It was reportedly gathered that Mr Uba had approached Usman in November 16th, 2016, requesting to change some Naira to American dollars.

The suspect was said to have informed Uba that he didn’t have any hard currency at that period for exchange but talked the victim into exchanging the money at a partner’s place to which he accepted and handed the money over to the suspect.

Investigations into the matter revealed that the suspect returned with $100 which he gave to Mr Uba and when he discovered it was fake, he reported the alleged fraud at the Lion Building Police Division, and Nafada was arrested.

According to uncomfirmed reports from a police source in lion’s building, he said,

“About 30 minutes after, the complainant discovered that the notes were fakes. He ran back to Nafada, but he denied knowing about the fraud. He took the victim to where he changed the money, but his accomplice had disappeared. Effort is ongoing to apprehend him.”

The suspect had been arraigned before an Igbosere Magistrate Court on Monday on a three-count charge bordering on stealing. The offence is punishable under sections 409, 312 (1) and 278 of the Criminal Law of Lagos State, 2011.

The charge read in part, “That you, Usman Nafada, and one other at large, on November 16, 2016, at about 11.30am, at Obalende, Lagos Island, in the Lagos Magisterial District, did obtain N1,792,000 from one Abdullahi Uba as equivalent naira to 45 fake notes of $100.

“That you, and others at large, on the same date, time and place in the aforementioned magisterial district, did steal the sum of N1,792,000 property of one Abdullahi Uba, thereby committing an offence punishable under Section 278 (1) (a) of the Criminal Law of Lagos State, 2011.”

Usman, the defendant, has however pleaded not guilty before the presiding magistrate, Miss A. O. Awogboror, and has been granted bail in the sum of N200,000 with two sureties in like sum.

The case has been adjourned till December 13th, 2016.

SSS clampdown on Bureau De Change continues, 40 arrested in Kano.

The State Security Service has arrested about 40 Bureau de Change operators in Kano for allegedly selling foreign currencies above the official rates.

An official of the Alamant Bureau de Change Association in Kano, Abdulhamid Kabir, said the operators were arrested early Friday.

He said the association had met with officials of the SSS last week on how to ensure that the operators in Kano complied with the official forex rates.

“You know this issue is not affecting only one person, it requires time for us to convince our members to adopt government recognized official rates”, Mr. Kabir said.

“But all of a sudden this morning, the security (agents) raided us, whisking away many of our members”.

A source at the SSS office confirmed the arrest but insisted that those arrested were unlicensed operators who had been trailed for a while.

“I want to assure you that those arrested were touts who sell above official prices”, said the source who asked not to be named because he was not authorized to speak on the development.

Security agents had last week carried out similar raids on some Bureau De Change operators in Abuja and Lagos.

PREMIUM TIMES reported how a meeting between the SSS, the Bureau De Change and Central Bank agreed that the dollar not be sold beyond N400 to buyers.

The agreement was to help government reduce the exchange rate and enable importers easy access to forex.

Critics have said the clampdown will further make the dollar scarce and reflects government not allowing a free market.

The clampdown has, however, forced some of the money changers to go into hiding to sell at a higher rate to buyers.

NAN: Low demand for dollar forces Naira up at parallel market

The low demand for dollar at the parallel market on Wednesday forced naira to appreciate further against dollar, the News Agency of Nigeria reports.

 

NAN reports that the Nigerian currency gained N5 in Lagos to exchange at N460 to a dollar from N465 recorded on Tuesday.

 

Also, the Pound Sterling and Euro closed at N560 and N500 respectively.

 

At the Bureau De Change window, the dollar was sold at N385, being the Central Bank of Nigeria controlled rate.

 

Also, the Pound Sterling and Euro traded at N560 and N503 respectively.

 

However, the naira weakened against the dollar at the interbank market, losing N2.49 to close at N307.26 against N305.27 recorded on Tuesday.

 

Traders at the market said that the demand for the green back was low due to the political situation in the US.

 

Harrison Owoh, a BDC operator, said that stakeholders in the market were painstakingly watching the political situation in the US and its effect on the country’s economy.

 

Owoh said that in the coming days, the demand for the dollar was likely to remain low until the successful transition from a Democratic to a Republican Government in US.

lllegal BDCs Cause Foreign Exchange Rate Fluctuations – Gwadabe

Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators in Nigeria, said unauthroised persons posing as Bureau de Change (BDC) operators caused rregular fluctuations in the parallel market.

 

Gwadabe said this in an interview with newsmen on Monday in Abuja.

 

This is coming after the Central Bank Governor, Godwin Emefiele, had accused speculators and BDC operators of conniving to bring down the price of Naira in the foreign exchange market.

 

Gwadabe said the recent decision of the CBN to stop the sale of foreign exchange to BDC operators made the business unsustainable to its members, thereby leaving room for unauthorised dealers to flood the market.

 

“People think that BDC operators are making a lot of money these days. But it’s not true. People do not understand that there are a lot of participants in the parallel market.

“I can authoritatively tell you that about 80 per cent of all registered BDCs in the country have closed down since the CBN stopped the sale of dollar to BDCs.

“Right now, the unlicensed BDCs are currently more than the licensed ones all over the country. And their activities are not regulated because they are not registered.

“So right now, the market is in the hands of speculators and these unlicensed BDCs,’’ he said.

 

Gwadabe advised the CBN to come up with a robust, effective and efficient monitoring and supervision of all players in the market.

 

He also called on the CBN to audit big corporate institutions which he claimed had become major players in the foreign exchange market.

 

Gwadabe also confirmed that CBN had commenced the payment of about N96.5 billion to the 2,839 licensed BDC operators in the country.

 

He said the amount was part refund for their N35 million deposit at the CBN. He said, however, that the process was taking too long and the CBN should fast track it.

 

On a separate note, NAN reports that CBN has taken measures to improve the value of Naira at the parallel market.

 

It would be recalled that in recent times, the naira changed for N400 to a dollar and had been fluctuating between N300 and N395 ever since.

 

As at the time of filing this report, naira was changing for N315 to a dollar at the parallel market, and N197 to a dollar at the inter-bank rate.

 

An official of the bank, who pleaded anonymity, attributed it to the mop-up operations of the CBN which had reduced excess liquidity of Naira in circulation and made it relatively scarce.

 

“There was also the decision by CBN to maintain the supply of foreign exchange for school fees and medicals which earlier speculated removal from inter-bank rate eligibility had caused panic.

“Another reason is the rising cost and drop in demand for imported goods because a good number of Nigerians are beginning to switch consumption to local goo:;ds.

“These have had a significant fall in dollar demand,’’ the official said.

 

(NAN)

$2.1bn Arms Scandal: EFCC To Arrest, Prosecute Bureau De Change Operators

Mr Ibrahim Magu, Acting Chairman, economic and Financial Crimes Commission (EFCC) has vowed to arrest and prosecute Bureau De Change operators involved in the ongoing 2.1-billion-dollar arms deal probe.

In a statement in Abuja, EFCC spokesman Wilson Uwujaren said Magu stated this when a delegation of Bureau De Change operators visited his office .
“Information reaching me through my operatives during investigations necessitated the need to talk to you.

“Some of your operators are fond of carrying huge amounts of money out of the country, since they can no longer withdraw more than 300 dollars using the ATM.

“There are fraudulent involvements of Bureau De Change operators in the arms deal scandal,” the statement quoted Magu as saying.

The statement said that reports available to the commission showed that some of the operators withdrew as much as N500 million in two, three, four tranches in this arms deal scam.

“I am greatly disturbed and I think there will be need for proper documentation of your activities.

“This will enable your group to checkmate anyone who is involved in any fraudulent activity,” the statement added.

Credit: Leadership

NDLEA Nabs Bureau De Change Operator, Others Swallowing $156,000 In Hotel

Operatives of the of the National Drug Law Enforcement Agency, NDLEA, yesterday arrested a Bureau De Change operator and five other suspected money laundering syndicate for   swallowing $156,000  (N31, 083, 000.00) at Excel Oriental Hotel along Airport Road, Lagos.

The six suspects were arrested in the hotel while they were busy swallowing the large sums of money with the intention of exporting $156,000 to Brazil.

Speaking on the arrest, the chairman of NDLEA, Ahmadu Giade, said  the six suspected members of the group, including a Bureau de Change operator, had been apprehended in connection with swallowing $156,000.

Alhaji Giade further pointed out that the agency would track down suspected drug  traffickers and currency launderers in a bid to rid the society of crimes.

According to him, operators of bureau de change who fail to work within the confines of the law establishing them shall be severely sanctioned.

Read More: vanguardngr

Bureau De Change: Naira Loses N3 Against Dollar

The value of the Naira on Monday depreciated against the dollar by N3, to close at N208 at the Bureau De Change (BDC) from the N205 it sold for on Friday. The development was an appreciation following the N224 it sold for before the March 28 presidential election.

The Naira, however, at the parallel market, otherwise known as the black market, remained stable at N206 to the dollar since Friday. The currency traded against the pound at N301.50k at the BDCs and the black market, respectively.

The Naira also exchanged for the Euro at N228, from the N230 it traded for on Friday. Meanwhile, the official rate is still N197 to the dollar at the Central Bank of Nigeria (CBN).

Credit: NAN