Would you rather have the Cedes

LAGOS, Corporate Corruption: Wonder why the naira has struggled to make an impact against the dollar? In the news today, the EFCC has moved to arrest all the Diamond Bank Managers involved in the International Passport – visa dollar fraud. Since banks are supplied hard dollars from CBN to be sold to people with Valid Visas and tickets, some Bank Managers used this opportunity to their advantage. These managers make photocopies of these documents to back up such transactions (they were reportedly apprehended with a couple of fake and original passports in their possession) and then sell the dollars at killer rate to the Black Marketers. The dollar which sold at 202 naira sometime in March had risen against the naira due to high demand resulting from artificial scarcity of the dollar in banks.

EFCC arrests Diamond Bank Managers over dollar fraud

It is worth noting that this could mark the end of the careers of these managers, at least in the Banking Industry. Hopefully, this development should strike fear into the minds of defaulters and we can start to dream of 120 naira to a dollar again. Maybe I can comfortably return to school, and prices of inflated items can fall (na dream?)

What determines the naira-dollar exchange rate?

Why’s the naira so weak against the dollar?

Ps: The second part of the Lagos Traffic Laws will be out unfailingly today.

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