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

296

 

 

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

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

Just in: Senate approves Tinubu’s $2.2 bln loan request

The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2...

Just in: Reps reject bill for six-year single tenure for president, governors

The House of Representatives rejected a constitutional amendment bill on Thursday seeking...

Just in: Simon Ekpa, four others arrested in Finland over terror-related activities

Finnish-Nigerian separatist agitator, Simon Ekpa, and four others have been arrested in...

Just in: FG sacks Nnamdi Azikiwe University VC

The Vice-Chancellor of Nnamdi Azikiwe University, Awka, Anambra State, Prof. Bernard Odoh,...

Senate raises alarm over fresh terrorists’ invasion from Mali, Burkina Faso, urges FG’s action 

Upset by the invasion of terrorists known as Lakurawa into Northern Nigeria...

Boko Haram/ISWAP terrorists’ ambush: Defence HQ confirms killing of 5 soldiers in Borno

The Defence Headquarters has confirmed that Boko Haram/ISWAP terrorists ambushed troops conducting...

Tinubu writes NASS for approval of $2.2bln fresh external loan

President Bola Tinubu has written to the National Assembly, seeking the approval...

NNPC Ltd’s spokesman, Soneye, explains delay in Port Harcourt Refinery rehabilitation, assures of imminent completion

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has acknowledged the challenges...

AFCON Qualifier: Nigeria’s Super Eagles Suffer Shocking 2-1 Loss to Rwanda

Nigeria’s Super Eagles concluded their Africa Cup of Nations Group D qualifiers...

Tax reform bills: Nigeria struggling with tax-to-GDP ratio below World Bank’s 15 % benchmark – Speaker Abbas

Mr. Tajudeen Abbas, the Speaker of the House of Representatives, has expressed...

Just in: Again, Anambra sit-at-home claims four vigilance operatives, motorcyclist

Gunmen enforcing Monday’s sit-at-home order in Anambra State launched a deadly attack,...

Tinubu departs Abuja for G20 leaders’ summit in Brazil

President Bola Tinubu will depart Abuja for Rio de Janeiro, Brazil, on...

First Bank changes its name to First Holdco Plc, brand name to FirstHoldco

First Bank of Nigeria (FBN) Holdings Plc is to change its name...

Breaking: APC’s Aiyedatiwa in landslide victory, wins all 18 LGAs in Ondo guber poll

The All Progressives Congress Candidate, Gov. Lucky Aiyedatiwa, has swept the 2024...

Ondo guber poll: Aiyedatiwa votes, says exercise peaceful, PDP raises alarm over thugs invasion

As the Ondo State governorship election kicks off on Saturday, Gov. Lucky...

Late COAS Lagbaja buried in Abuja amid tears, tributes

Amid tears and tributes, the body of the late Chief of Army...

Tinubu appoints Daniel Bwala, Atiku’s ex-spokesman as Special Adviser on Media, three DGs

President Bola Tinubu has appointed Daniel Bwala, the Special Adviser on Media...

Just in: Body of late COAS Lagbaja arrives in Abuja ahead of Friday burial

The body of the late Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja,...

Tinubu Presides Over Crucial FEC Meeting to Unveil 2025 Budget Plans

The much-anticipated meeting of the Federal Executive Council (FEC) is underway with...