Dollar Crisis: EFCC arrests 87 forex dealers in Lagos, Abuja, Kano

The raid started on Tuesday, November 1, 2022. and yesterday, the detectives arrested no fewer than 87 forex dealers in Abuja, Lagos and Kano states.

According to Makesense Promotions, the EFCC operatives ransacked the vaults of forex dealers in Abuja for stash of dollars and naira.

During the raid, the detectives reportedly arrested 25 legal and illegal forex dealers in addition to the 40 arrested they arrested at the Wuse offices of the Association of Bureau de Change Operators on Tuesday.

The EFCC operatives also seized the phones of those that were arrested.

Also, in Lagos and Kano, about 14 and eight BDC operators were arrested respectively at BDC markets in the states.

The EFCC operatives started raiding BDC centres following the arrest of Ismaila Atumeyi, the Kogi State House of Assembly candidate of the New Nigeria Peoples Party.

Atumeyi was arrested in Abuja on Sunday, October 30, 2022, with N326m and $140,500 cash alongside one Joshua Dominic, an alleged serial fraudster.

Reason for the raid: It is believed that the EFCC’s operation against BDCs is targeted at tracking illicit funds from terrorists, bandits and politicians who might want to convert their stash of dollars to naira to beat the redesign of naira notes recently announced by the Central Bank of Nigeria.

The CBN said the new notes would be released on December 15.

Reacting to the raid in Abuja, the Assistant Provost, Association of Bureau de Change Operators, Zone 4, Wuse, Mallam Muhammed Nera said 13 out of the 25 BDC operators arrested by the EFCC detectives have been released.

He noted, however, that their phones are still with the EFCC officials.

Describing the operation as illegal, Nera said the EFCC did not present an arrest or search warrant before ransacking their offices.

https://makesensepromotions.com/dollar-crisis-efcc-arrests-87-forex-dealers-in-lagos-abuja-kano/

Better, those people are sabotaging our economy, the get dollar @450 and sell @800+ haba, fed govt should ban bureau de change abeg

Anything to make our economy stable is welcome

CBN should give banks opportunity to trade dollar instead of BDC. Those guys are working with criminals to sabotage the economy.

Where are the fools who were arguing with me that they can change 1billion naira within 5 seconds at black market?

I told you idiots that the EFCC have laid traps for these guys and are ready to go after all those that fall into it; but your Nigerian mentality and criminal minds said nothing of such will happen.

Those who have stashed naira will be forced to use it for stew or they will have to go and explain to the authorities how they came about the money.

Ndi ala!

Isn’t there any more Credible News outlet Source ?

joyandfaith:
CBN should give banks opportunity to trade dollar instead of BDC. Those guys are working with criminals to sabotage the economy.

He did it earlier the same banks hoarded the dollars from importers and we're sending double documentation which led to suspension of first bank and another bank like that if I remember
After that incident the cbn caught another set of banks with fraudulent documentation to purchase dollars from the cbn

tamdun:
Better, those people are sabotaging our economy, the get dollar @450 and sell @800+ haba, fed govt should ban bureau de change abeg

If only you can prove that the bdc bought or got the dollars from the cbn dollar selling window.then you can say so.
But if the cbn,banks are already tightening dollars sales from importers then the price of dollar will become high nah!
Because it is the bdc that has dollar to sell that will determine its own price and it will be far higher than that of the cbn dollar window.

For the cbn to get the parallel market rate to be at par with it.it needs the parallel market players to dump it's dollar possession onto the market to force it to come down

baralatie:

He did it earlier the same banks hoarded the dollars from importers and we're sending double documentation which led to suspension of first bank and another bank like that if I remember
After that incident the cbn caught another set of banks with fraudulent documentation to purchase dollars from the cbn

I still believe it is more easy to sanctions banks for infractions than BDC.

joyandfaith:


I still believe it is more easy to sanctions banks for infractions than BDC.

When cbn sanctioned the erring banks and the second time again!
The sector got spooked and there was a consumer crisis
Money wà being called for from one bank to be moved to another bank
Foreign direct investment became scared for their funds
Then there was banking rating that was going down fearing a banking collapse

If you know what all these means you will understand the decision of the cbn with banks when it comes to foreign exchange

Some of these bankers are just notorious.you just walk into your bank and ask for dollars to buy from abroad.you will hear english.come back later in the day to receive dollars in your account you will hear french

baralatie:

When cbn sanctioned the erring banks and the second time again!
The sector got spooked and there was a consumer crisis
Money wà being called for from one bank to be moved to another bank
Foreign direct investment became scared for their funds
Then there was banking rating that was going down fearing a banking collapse

If you know what all these means you will understand the decision of the cbn with banks when it comes to foreign exchange

Some of these bankers are just notorious.you just walk into your bank and ask for dollars to buy from abroad.you will hear english.come back later in the day to receive dollars in your account you will hear french

BDCs are not better either. CBN should do their work.

joyandfaith:


BDCs are not better either. CBN should do their work.

The cbn cannot do the mistake of emptying it's dollar reserves to satisfy forex traders and importers nau!
It is left for the executive to force companies and investments within it's domain to earn foreign currencies.or at least force local production to ensure that it is not dependent on the dollar.
For example! Imagine the volume of dollar saving if Nigeria was not an importer of refined petroleum products but was a net exporter

baralatie:

The cbn cannot do the mistake of emptying it's dollar reserves to satisfy forex traders and importers nau!
It is left for the executive to force companies and investments within it's domain to earn foreign currencies.or at least force local production to ensure that it is not dependent on the dollar.
For example! Imagine the volume of dollar saving if Nigeria was not an importer of refined petroleum products but was a net exporter

What is the essence of domiciliary account then when there is forex restrictions? People withdraw cash from dorm and take them to dorm account. Why not ban cash withdrawal of foreign currencies and enforce cashless policy? CBN can do better.

joyandfaith:

What is the essence of domiciliary account then when there is forex restrictions? People withdraw cash from dorm and take them to dorm account. Why not ban cash withdrawal of foreign currencies and enforce cashless policy? CBN can do better.

See it this way
There is the fg forex window
There is the private participant forex window.

Cashless or cash based transactions does not and will not change the exchange rate?
If the cbn is forced to manage it's forex supply to keep government afloat.it is now left for private forex dealers to source for their own forex needs.this demand and supply is what affects the exchange rate!
So it is not cbn that will open a working refinery to curb dollar sales to nnpc.it is nnpc that will grow it's products and earn foreign currencies to sell through cbn and bdc channels.it is not cbn that will make Nigerian a big general motors corporation with a dollar sales running into billions of dollars or a Microsoft that exports in billions
For the nation to run a sustainable forex regime it needs forex growth(income) and you get that by trading(exporting on the international market).and not the cashless slogan
I have mentioned petroleum products do you know that Nigerian spends $5 billion dollars on importation of sugar,wheat and rice alone?
Is it the cbn that will now turn to a farmer?

baralatie:

See it this way
There is the fg forex window
There is the private participant forex window.

Cashless or cash based transactions does not and will not change the exchange rate?
If the cbn is forced to manage it's forex supply to keep government afloat.it is now left for private forex dealers to source for their own forex needs.this demand and supply is what affects the exchange rate!
For the nation to run a sustainable forex regime it needs forex growth(income) and you get that by trading(exporting on the international market).and not the cashless slogan

I know that.
In Nigeria people can hold any amount of dollars in cash. In US, max is $10k . You need to declare excess of that. Criminals get millons as proceeds of crimes and hoard it in dollar or naira as they wish.
CBN need to implement strict cashless policy. Dollar is not our official currency. No withdrawal of dollar in cash. For naira, no cash transaction of more than 20k per day for individuals and #100k for organisations. All transactions above that should be cashless. We need to control too much cash in circulation.

joyandfaith:

I know that.
In Nigeria people can hold any amount of dollars in cash. In US, max is $10k . You need to declare excess of that. Criminals get millons as proceeds of crimes and hoard it in dollar or naira as they wish.
CBN need to implement strict cashless policy. Dollar is not our official currency. No withdrawal of dollar in cash. For naira, no cash transaction of more than 20k per day for individuals and #100k for organisations. All transactions above that should be cashless. We need to control too much cash in circulation.

You are still going to end up with a high dollar naira exchange value.if not worse sef
Cashless does not solve liquidity.
If we don't get beyond slogan shooting and into problem solving
We are just going round in circles

baralatie:

You are still going to end up with a high dollar naira exchange value.if not worse sef
Cashless does not solve liquidity.
If we don't get beyond slogan shooting and into problem solving
We are just going round in circles

Simple economy theory- excess money in circulation v scarcity of commodities is reason for inflation. Mop excessive money from circulation through cashless policy. With CBN would able to formulate necessary monetary policy.

alphonsojaybaz:
Dollar Crisis: EFCC arrests 87 forex dealers in Lagos, Abuja, Kano

The raid started on Tuesday, November 1, 2022. and yesterday, the detectives arrested no fewer than 87 forex dealers in Abuja, Lagos and Kano states.

According to Makesense Promotions, the EFCC operatives ransacked the vaults of forex dealers in Abuja for stash of dollars and naira.

During the raid, the detectives reportedly arrested 25 legal and illegal forex dealers in addition to the 40 arrested they arrested at the Wuse offices of the Association of Bureau de Change Operators on Tuesday.

The EFCC operatives also seized the phones of those that were arrested.

Also, in Lagos and Kano, about 14 and eight BDC operators were arrested respectively at BDC markets in the states.

The EFCC operatives started raiding BDC centres following the arrest of Ismaila Atumeyi, the Kogi State House of Assembly candidate of the New Nigeria Peoples Party.

Atumeyi was arrested in Abuja on Sunday, October 30, 2022, with N326m and $140,500 cash alongside one Joshua Dominic, an alleged serial fraudster.

Reason for the raid: It is believed that the EFCC’s operation against BDCs is targeted at tracking illicit funds from terrorists, bandits and politicians who might want to convert their stash of dollars to naira to beat the redesign of naira notes recently announced by the Central Bank of Nigeria.

The CBN said the new notes would be released on December 15.

Reacting to the raid in Abuja, the Assistant Provost, Association of Bureau de Change Operators, Zone 4, Wuse, Mallam Muhammed Nera said 13 out of the 25 BDC operators arrested by the EFCC detectives have been released.

He noted, however, that their phones are still with the EFCC officials.

Describing the operation as illegal, Nera said the EFCC did not present an arrest or search warrant before ransacking their offices.

https://makesensepromotions.com/dollar-crisis-efcc-arrests-87-forex-dealers-in-lagos-abuja-kano/

Now I know that the Nigerian government are very bad in record keeping.

Some of you don't even know how the affairs of Nigeria is managed.

The only black market available for the unfortunate businessman you people want to stop it. Meanwhile when you get to CBN you will see Fulani moguls on queue for the dollar.

Fulani will jossle for power just to go there and cause the underdevelopment of the Igbos.

Some of you don't even know the number of international business Men in the country, when Fulani is bent on stopping the igbos from manufacturing by killing the power systems.

Now that every businessman is into importation you want to stop them from accessing the dollar and Nigerians are happy about this.

joyandfaith:


Simple economy theory- excess money in circulation v scarcity of commodities is reason for inflation. Mop excessive money from circulation through cashless policy. With CBN would able to formulate necessary monetary policy.

So it is cbn that would make your factories to become productive
It is cbn that would make your refineries to work
It is cbn that will make your farmers to be exporters of goods
Okay

baralatie:

So it is cbn that would make your factories to become productive
It is cbn that would make your refineries to work
It is cbn that will make your farmers to be exporters of goods
Okay

If you close borders and still importing PMS and luxury itemd
If you fix rates of Naira, but print still printing more Naira
If you introduce cashless policy but nothing to enforce it
If individuals operate dorm accounts but wouldn't use cbn rate
If you borrow in $ but sell PMS in Naira
If you have oil but allow oil theft
If you fail to cut cost of governance
Result is catastrophic economy