Market News

Written by Yusuf Babalola

The Central Bank of Nigeria (CBN), has increased the exchange rate for calculating tariff and import duties collection at the nation’s seaports and airports.

This is following the depreciation of the naira at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the nation’s official foreign exchange market.

The exchange rate was increased from N1,164.84/$1, on Sunday to N1327.35/$1, on Monday, representing 12.2 per cent or N162.51 increment.

LEADERSHIP gathered that NAFEM closed at N1419.11 on Monday as against N1,339.23 that it closed on Friday, April, 26th, 2024.

However, it was gathered that a Federal High Court in Abuja has approved an interim order requested by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, also approved the commission’s request to complete the investigation within 90 days.

Though the verdict was issued on April 24, its certified true copy was granted on Monday.

 The other offences under investigation by the EFCC involve money laundering and terrorism financing.

 Justice Nwite said, “It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed. 

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering, and terrorism financing to the extent that the investigation will be for a period of 90 days.”