Economy

We Did Not Write Banks for Bank Details of NASS Officers – NFIU

Published

5 years ago

September 14, 2019

Eric

By Eric Elezuo

The Nigerian Financial Intelligence Unit (NFIU) has denied the reports making the rounds that it wrote banks, demanding the account details of principal officers of National Assembly, saying it had no reason to do so.

The unit made the declaration in a Press statement titled NFIU DOESN’T NEED TO WRITE BANKS FOR ACCOUNT DETAILS, and signed by the Chief Media Analyst, Ahmed Dikko.

Clarifying the falsehood, the unit hinted that it “already has access to details of all bank accounts in the country and does not therefore, need to write to commercial banks asking for the same information.”

Below is the detailed statement:

NFIU DOESN’T NEED TO WRITE BANKS FOR ACCOUNT DETAILS

The attention of the Nigerian Financial Intelligence Unit (NFIU), has been drawn to media reports stating that the unit has requested banks to furnish it with the account details of principal officers of the National Assembly and the Judiciary. Such reports are not true,

In line with its powers as provided in the NFIU Act 2018, the Unit already has access to details of all bank accounts in the country and does not therefore, need to write to commercial banks asking for the same information.

As a matter of fact, relevant reporting entities such as investigative and other Law Enforcement Agencies always rely on the NFIU for information on bank details of individuals and body corporate under investigation as they go about carrying out their functions. Such is a mandatory reporting process.

The Unit does not also make blanket requests to all banks as is being speculated in the reports
The media and indeed the general public are therefore, requested to disregard such reports.

Ahmed Dikko
Chief Media Analysts

Economy

Naira Makes More Recovery, Sells at N1,453/$1

Published

1 month ago

March 22, 2024

Eric

The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

Economy

Naira Gains Against Dollar, Trades at N1,603/$1

Published

1 month ago

March 13, 2024

Eric

The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

Published

2 months ago

March 5, 2024

Eric

By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters