• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

EFCC battles black market to boost naira, local currency gains N60 to $1 within a week

Olumide Adesina by Olumide Adesina
August 6, 2022
in Currencies
CBN would refund pending BDC licence fees
Share on FacebookShare on TwitterShare on Linkedin

After plummeting to an all-time low of N710.00 the value of the local currency in Nigeria increased dramatically this week when compared to the US dollar on the P2P market on a week-to-week basis.

After the nation’s anti-graft agents raided currency operators in Lagos and Abuja, the naira recovered from a record low against the dollar on the black market, which strengthened it to N650 per dollar on Friday, thus keeping the naira up by N60 to a dollar in the last 7 days.

The Economic and Financial Crimes Commission (EFCC) reportedly searched bureau de change operators and questioned them about their operations while the anti-graft agents snapped photos of currency dealers and made copies of their identification cards.

RelatedStories

Bank customers with CBN rise to 57 million in April 2023

Emefiele earned N350 million annually as CBN governor, court document reveals 

June 16, 2025
Nigerian court unfreezes N89 million in bank accounts previously indicted for illegal crypto dealings

Alleged $1bn scam: CBEX promoters ask court for bail from EFCC custody 

June 11, 2025

The EFCC also threatened to detain Nigerians who are keeping large amounts of dollars and other foreign currencies in reserves. In a meeting with representatives of Bureau De Change operators on Friday in the Federal Capital Territory of Abuja, Abdulrasheed Bawa, the chairman of the anti-graft agency, announced this.

Bawa stated that the EFCC had intelligence connecting some people and organizations to the hoarding of foreign currencies, especially the United States dollars, in commercial cities all over the country, and warned those involved to stop or risk arrest as a major offensive against the speculators was underway.

What you should know

  • Recall that the CBN expressed concern about the value of the naira a few days ago and has since made conscious steps to stop the naira’s further decline.
  • In line with Governor Emefiele’s remarks on the currency crisis, currency speculators at these markets emphasized that enforcement agencies blamed “artificial dollar scarcity” for the naira’s problems and accused them of acquiring available dollars to create artificial scarcity.
  • The Nigerian apex bank stopped providing dollars to bureau de change operators more than a year ago, accusing them of exacerbating the foreign currency scarcity by selling it on the underground market.
  • Osita Nwasinobi, the director of the CBN’s corporate communications division, stated that the central bank would keep acting decisively in the foreign exchange market to stop further losses in the value of the naira.
  • He cautioned forex buyers not to fall prey to the speculative tactics of some FX market participants in order to stop the naira from depreciating much further.

According to experts, boosting dollar liquidity will be key to the naira’s further appreciation. There would undoubtedly be a decrease in the activities at the black market if the central bank keeps putting framework and structure in place to maintain liquidity.


Follow us for Breaking News and Market Intelligence.
Tags: Black MarketEFCCNaira
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

Bank customers with CBN rise to 57 million in April 2023
Business News

Emefiele earned N350 million annually as CBN governor, court document reveals 

June 16, 2025
Nigerian court unfreezes N89 million in bank accounts previously indicted for illegal crypto dealings
Business News

Alleged $1bn scam: CBEX promoters ask court for bail from EFCC custody 

June 11, 2025
Federal High Court, REA
Business News

Federal High Court jails 9 Chinese arrested for cryptocurrency investment and romance fraud in Lagos 

June 10, 2025
Naira , dollar, exchange rate
Currencies

Naira holds below N1,600/$ in the holidays

June 10, 2025
OPEC, crude oil production
Energy

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025
Emefiele: Forensic expert confirms to court how Buhari, Ex-SGF signatures were forged to withdraw $6.2 million from CBN 
Financial Services

Bank officials to testify as EFCC sues Ex-CBN Governor Emefiele over 753 housing units and N7.8 billion fraud 

May 31, 2025
Next Post
Nigeria Air, Mr. Festus Keyamo,

Strike: Go and beg ASUU, Festus Keyamo tells parents

Comments 8

  1. Fabianhart says:
    August 7, 2022 at 6:26 am

    Going after Burue de change isn’t an economic tactics. The real problem is in our policy flaws and low export rate.

    Reply
  2. Fred says:
    August 7, 2022 at 9:57 am

    I hope this counteractive measures to save the naira works, because like this Ehn, e don choke!

    Reply
  3. 9jaRealist says:
    August 7, 2022 at 11:01 am

    UNDILUTED RUBBISH!

    Instead of addressing the structural fundamentals affecting the exchange rate, the dictator in Aso Rock resorts to harassing currency dealers and threatening private citizens’ holdings, much as instead of addressing the banditry and general insecurity issues across the nation, he instead chooses to fine and threaten media organizations. SMH

    Reply
  4. khabi says:
    August 7, 2022 at 8:17 pm

    Absolute rubbish

    Reply
  5. Leoesenwq says:
    August 8, 2022 at 5:34 am

    The efcc are chasing shadows. This is the reason I blames some head of operations. . Nigerians and government are producing nothing even the crude oil, we are not refining. I advised efcc to go back to their shelter creating artificial scarcity we make it worst

    Reply
  6. Basketmouth says:
    August 8, 2022 at 3:15 pm

    It was Emefiele’s fault. His monetary policies is a disaster. I will not be surprised if he goes to jail after Buhari’s administration.

    Reply
  7. Dr Peter Ifeka says:
    August 8, 2022 at 10:08 pm

    The real scarcity will start soon.if you dig deep you will find out there is a self interest. Lion doesn’t eat lion they are brothers . they should go and tackle the problem from the root

    Reply
  8. Ben says:
    August 9, 2022 at 9:01 am

    They blamed Abokifx and the Naira continued to slide south. They are flailing in the wind. Liquidity is the issue.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Dr. Philip Ozuah leads a mission of transformation in his hometown through his foundation 
  • FG issues N50 billion Series 3 Sovereign Green Bond to finance environmentally sustainable projects in Nigeria
  • FG pays N8.6 billion in pension arrears, assures full settlement of N32,000 increment 

Follow us on social media:

Recent News

Dr. Philip Ozuah leads a mission of transformation in his hometown through his foundation 

Dr. Philip Ozuah leads a mission of transformation in his hometown through his foundation 

June 16, 2025
FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer

FG issues N50 billion Series 3 Sovereign Green Bond to finance environmentally sustainable projects in Nigeria

June 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics