Connect with us

    Hi, what are you looking for?

    E-Financial

    Naira Crashes to N532/$ at Parallel Market

    The naira on Friday traded at all time low of N532 to dollar at the parallel market.

    The naira also dropped among other major currencies as it exchanged at N621/Euro, N721/ British Pounds Sterling.

    This is coming as the Central Bank of Nigeria (CBN) on Thursday, lifted Post No Debit (PND) order it placed on 33 Bureaux De Change (BDCs) for violating regulatory guidelines on foreign exchange transactions.

    The apex bank had in a letter to all banks (BSD/DIR/PUB/LAB/14/064) dated September 2, 2021 and signed by Zacharia Markus, director, Banking Supervision by directed the banks to vacate ‘Post No Debit Order’ on the affected BDCs’ account.

    The letter reads: Vacation of No Debit Order- All banks are hereby directed to vacate the Post-No-Debit order earlier placed at our instance on the under listed account”.

    A Post-No-Debit (PND) is basically an instruction to banks not to allow any withdrawals or transfers from the bank account of account owners, essentially blocking the account from outflows. It is usually drastic a measure taken to allow for investigation and possible to reclaim any illegal inflow into an account.

    The affected BDCs are Javic Bureau De Change, Epoch Bureau De Change, Seasons Bureau De Change, Catherine Bureau De Change, Elbanbino Flow Bureau De Change, First Currency Bureau De Change, Solutions Bureau De Change.

    Others are Pamphino Bureau De Change, Xcom Etal Bureau De Change, Brookeside Bureau De Change, Freemind Bureau De Change, 3D Scanners Bureau De Change, Kenny Rich Bureau De Change, among others.

    Many of the BDCs were placed on PND by the CBN on allegations of money laundering and terrorism financing, which the the affected BDCs had denied.

     

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published.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

    ad

    You May Also Like

    Metro

    Economic and Financial Crimes Commission has recovered over N5bn and $10m from contractors and government officials indicted in the fraud in the turnaround maintenance...

    Sports

    Chelsea players will donate part of their Club World Cup bonuses to the family of the late Diogo Jota, who died last month aged...

    Business

    Eastman Kodak, once the undisputed king of photography, is staring down a financial lens that could spell the end of its storied existence. In...

    News

    Federal Government has reacted to the viral video showing a cleric flogging a group of m!nors in Port Harcourt, Rivers State. In a press...