• Naira crashes in new currency exchange rate

    Naira crashes in new currency exchange rate

    The naira is having a hard time standing against the dollar as the currency takes the worst nose-dive in recent weeks.

    See snapshot of both interbank and parallel market

  • NSCDC arrests fake currency printer, five area boys in Sokoto

    NSCDC arrests fake currency printer, five area boys in Sokoto

    It was gathered that the Nigerian Security and Civil Defence Corps in Sokoto State have arrested one Collins Nzewewe for alleged printing of fake currencies.

    The Commandant of the corps in the state, Abdullahi Dutsin-ma, presented the suspect to newsmen on Thursday in Sokoto.

    Dutsin-ma said that the command arrested the suspect following a tip off.

    The 42-year-old Nzewewe and father of seven, confessed to newsmen that he was lured into the illegal business by a Nigerien National, called Abdulaziz.

    Dutsin-ma also said that […]

  • court strikes out bail application in the N8 billion CBN currency scam trial

    court strikes out bail application in the N8 billion CBN currency scam trial

    Justice Nathaniel Ayo-Emmanuel of the Federal High Court in Ibadan, on Friday, struck out the bail application filed by Adeola Olaniran, the second accused in the N8 billion CBN currency scam trial.

    Ruling on the application, Ayo-Emmanuel held that the bail application had not met any of the cogent conditions that must be considered before he could grant bail to Olaniran.

    “There must be a positive, cogent and convincing medical report issued by an expert in that field of Medicine, among other […]

  • Naira appreciates after DSS action on currency dealers

    Naira appreciates after DSS action on currency dealers

    Despite last week’s raid and arrest of some licensed currency dealers who were said to be selling foreign exchange (FX) above the prescribed limit, the naira appreciated on both the interbank and parallel segments of the market.

    Precisely, on the interbank FX market, the spot rate of the naira climbed N1.45 to close at N304.75 to the dollar last Friday, stronger than the N306.50 to the dollar the previous day.

    Also, on the parallel market, the naira appreciated by N5 to trade […]