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Tuesday, 11 April 2017

HERE IS LATEST BUSINESS NEWS: Naira Exchanges for N403/$1


Latest gist as the naira on Monday appreciated to N403 per dollar in the parallel market following indication that the CBN will sell $20,000 to each BDCs this week, up from the $10,000 usually sold to each BDC. Though the naira closed N397 per dollar Friday previous week in the parallel market, it however depreciated to N405 per dollar on Saturday.


Report review that Gwadabe blamed the depreciation on inflow of illicit money which he said is driving up demand for dollars. He warned BDC operators to avoid being used in the laundering such illicit money, saying that ABCON will impose heavy sanction on any operator involves in such illegality.

 Commenting on the N450 million cash discovered in
an abandoned BDC premises in Lagos shop on April 7 Gwadabe said that ABCON has commenced investigation into the matter was ongoing and still under the security purview. He assured that as soon as investigation was concluded, the press would be briefed accordingly.

“We have identified the characters involved and we are going to write them to invite them. “The reason we call this meeting is to say that we condemn it in entirety. He urged members to desist from such act since it was an abuse of Know-Your -Customer (KYC).

 Even if you are a member and you are found with N500 mill that is total abuse of KYC, total abuse of the cash transfer report, it is total abuse of the suspicious transaction report and that is the message we have told our members that they must respect those compliances.”

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