Bureau De Change
But since February this year when CBN liberalised further the foreign exchange market, it has put no less than $5 billion, most of which are in forwards sales with maturity dates ranging 30, 45, 60 days to one year.
The Judge ordered that the funds should be forfeited to the Federal Government, as no one came forward to claim it.
At the Bureau De Change (BDC). the local currency was sold at N362 to the dollar, while the pound sterling and Euro closed at N495 and N420, respectively.
The Association of Bureau De Change Operators of Nigeria (ABCON) has asked for a N10 margin per dollar from the Central Bank of Nigeria (CBN). Granted, ABCON said, it could check operators’ tendency for round tripping.
The CBN acting Director, Corporate Communications, Mr Isaac Okorafor said in Abuja that the $480m offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period.
Gwadabe, who is also the President, Association of Bureau De Change Operators of Nigeria (ABCON), said recent depreciation of naira could be traced to speculators’ onslaught and resistance by the banking industry.
At the Bureau De Change (BDC) window, the Naira closed at N400, while the Pound Sterling and the Euro traded at N530 and N465 respectively.
In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the naira at N381 to a dollar.
At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar CBN controlled price, while the Pound Sterling and the Euro exchanged at N610 and N520 respectively.
Air passengers were thrown into confusion at the weekend when Bureau de Change (BDC) outlets at international airports nationwide declared foreign exchange, especially dollar, out of stock.
Egbegbe was arraigned on 36 counts, alongside one Oyekan Ayomide, whom he allegedly conspired to perpetrate the frauds between 2015 and this year. The duo were arraigned before Justice Oluremi Oguntoyinbo.
The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday.