Visa
BreakingTop StoryTrending Story

Ban of forex to BDC: Nigerians posing as travellers besiege banks in Lagos, Abuja for forex with fake documents, resell at black market

796

 

 

The Central Bank of Nigeria’s ban of sales of foreign exchange to Bureau de Change (BDCs) has forced many Nigerians to devise fraudulent and disingenuous ways of getting foreign currencies from the banks in what is referred to as round tripping of foreign currencies.

Nigerians posing as travellers have desperately procured fake U.S. visas and other visas and presented same with their passports to qualify for purchase of foreign currencies in banks.

Persecondnews investigations show that the fake travellers upon purchasing the dollars and other currencies at a relatively cheaper, official rate of about N412 to a dollar now resell the currencies for about N510 to a dollar.

On Wednesday, August 11, 2021, most banks in Lagos metropolis had a hectic time controlling and attending to the crowds of desperate forex purchasers.

Some banks had to engage the services of travellers to help them detect fake visas and other documents presented by them under the guise of travelling out of the country.

At least about three people were caught with fake visas at a bank in Lagos on Wednesday, Persecondnews learnt.

“The situation is so bad now that the CBN has banned sale of foreign currencies to Bureau de Change operators in the country that many people particularly the forex traders have taken advantage of the situations to besiege the banks for their requests.

“Some of them have resorted to procuring fake documents to approach the banks for forex and they will in turn go to the black market to sell the dollars and other currencies at a higher rate thereby making huge sums of money,’’ a senior official of a commercial bank told Persecondnews.

According to Persecondnews findings, some of them use two or three fake names in procuring passports which they use in securing visas some of which are fake.

 

On July 27, 2021, the CBN had announced that it has ended the sales of forex to Bureau De Change operators.

The CBN Governor, Mr Godwin Emefiele announced the ban in a live TV broadcast after the bank has retained its benchmark policy rate.

Emefiele said the ban was necessary because the parallel market has become a “conduit for illicit forex flows and graft’’.

“We are concerned that BDCs have allowed themselves to be used for graft.

“This measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians,’’ he said.

According to Emefiele, the apex bank will no longer process applications for BDC licences in the country.

“Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.

“We will deal ruthlessly with banks allowing illegal forex dealers to use their platforms and will report the defaulting international organisations to their regulators.

“We will deal with them ruthlessly and we will report the international bodies,” Emefiele said.

Emefiele directed banks to “immediately” and transparently sell forex to customers who present the required documents, adding that all banks are to create immediately dedicated tellers for the same purpose.

He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.

The CBN governor accused the organizations of choosing to channel forex through the black market than use the official Investors and Exporters (I&E) window, called NAFEX.

 

Leave a comment

Related Articles

Mass Deportation: US Prepares to Send 79 Convicted Nigerians Home

At least 79 Nigerians are set to be deported as the U.S....

At Last, N1.96 trn Federation Revenue Shared Among Federal, States, LGs

The Federation Account Allocation Committee (FAAC) has shared N1.969 trillion, the December...

2,500 Kaduna’s Damau Residents Get Clean Water as REA Provides Solar Mini-Grid

More than 2,500 residents of Damau village in the Kubau Local Government...

Back Home: Tinubu Touches Down in Abuja After Türkiye Trip

President Bola Tinubu has returned to Abuja after a five-day state visit...

January Salaries Delayed as FG, States Disagree Over ₦1.97trn FAAC Funds

A persistent deadlock over the distribution of ₦1.97 trillion has halted the...

Woman’s Death Mid-Flight: Nigerian Family Presses Ethiopian Airlines for Explanation, Transparency

Grief-stricken and seeking justice, a Nigerian family has raised the alarm over...

FG’s ₦58.47trn 2026 Appropriation Bill Scales Second Reading in Green Chambers

Nigeria’s House of Representatives has given the green light to the ₦58.47...

$1trn Infrastructure: FG to Invest in Two New Satellites to Support Digital Transformation

In a major boost for Nigeria’s tech landscape, President Tinubu has approved...

Bilateral Milestone: Nigeria and Türkiye Commit to $5bln Trade Volume, Counter-Terrorism Cooperation

In a strategic move to fortify economic and security ties, Türkiye and...

“A mere stumble, not a fall” — Bayo Onanuga clarifies Pres. Tinubu’s Ankara incident

Following a minor stumble during his reception in Ankara, the Presidency has...

At Last, DHQ Confirms Thwarted Coup Plot, 16 Officers Set for Martial Court

The Defence Headquarters (DHQ) announced on Monday that a Special Investigative Panel...

Kado Dawn Raid: One Suspect Shot, Arrested After FCT Police Bust Motorists’ Robbery

The early morning calm and quietness of the Kado district in the...

Tinubu Departs Abuja Jan. 26 for High-Level State Visit to Türkiye

President Bola Tinubu will depart Abuja on Monday, January 26, for a...

Tinubu’s Minister Warns APC Against Ditching VP Shettima on 2027 Presidential Ticket

Hannatu Musawa, the Minister of Culture, Tourism, and Creative Economy, has warned...

VP Shettima Back in Abuja After High-Level Engagements Abroad

After a week-long diplomatic and economic mission to Guinea-Conakry and Switzerland, Vice...

Exclusive: Peter Obi Under Fire as APC Rep Questions His Political Credentials

Clement Jimbo, the vocal House of Representatives member from Akwa Ibom, has...

Kudirat Abiola’s Murder Case Closed: Supreme Court Dismisses Charges Against Al-Mustapha

The Supreme Court has finally ended the decades-long legal battle surrounding the...

Tinubu Gives Green Light to Oil Drilling in Ogun Waterside, Approves Olokola Deep Seaport

Ogun State is poised to join the league of oil-producing states following...

Breaking: Rivers Chief Judge Blocks Impeachment of Gov. Fubara

“The Rivers State House of Assembly had requested the panel, but Amadi...

Court Declares Nenadi Usman as Valid Labour Party Leader

A Federal High Court in Abuja has sacked Julius Abure as the...